What annual payment (in Rs.) will discharge a | vedclass

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(C) Let the annual payment be $x$.The debt is discharged in $2$ years. The first installment of $x$ paid at the end of the $1^{st}$ year will earn int

Vedclass · Accepted Answer

$515$

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(C) Let the annual payment be $x$.The debt is discharged in $2$ years. The first installment of $x$ paid at the end of the $1^{st}$ year will earn interest for $(2-1) = 1$ year.The second installment of $x$ is paid at the end of the $2^{nd}$ year and earns no interest.Total amount paid = (Installment $1$ + Interest on $1^{st}$ installment) + (Installment $2$)Total amount = $x + \frac{x 	imes 12 	imes 1}{100} + x = 1092$$x + 0.12x + x = 1092$$2.12x = 1092$$x = \frac{1092}{2.12} = 515.09$Rounding to the nearest whole number,the annual payment is $Rs. 515$.

What annual payment (in $Rs.$) will discharge a debt of $Rs. 1092$ due in $2 \,yr$ at $12 \%$ simple interest?

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