What annual payment will discharge a debt of Rs. 1025 due in 2 years at the rat

Question

What annual payment will discharge a debt of Rs. 1025 due in 2 years at the rate of 5% compound interest?

Options:

A . Rs. 550

B . Rs. 551.25

C . Rs. 560

D . Rs. 560.75

Answer: Option B

Let each installment be Rs. x. Then, x/(1 + 5/100) + x/(1 + 5/100)² = 1025
820x + 1025 * 441x = 551.25So, value of each installment = Rs. 551.25

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