One can purchase a flat from a house building society for Rs. 55000 cash or on t

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One can purchase a flat from a house building society for Rs. 55000 cash or on the terms that he should pay Rs. 4275 as cash down payment and get the rest in three equal installments. The society charges interest at the rate of 16% per annum compounded half-yearly. If the flat is purchased under installment plan, find the value of each installment ?

Options:

A . Rs. 18756

B . Rs. 19292

C . Rs. 19683

D . Rs. 20285

Answer: Option C

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