ICSE Class 9 Answered
A sum of Rs. 9020 is borrowed at 20% C.I. compounded yearly and is paid back in two years by making two equal and annual payments. Calculate the amount of each yearly payment made at the end of each year.
Asked by Topperlearning User | 31 Jul, 2017, 01:59: PM
Expert Answer
Let each equal payment by Rs. x.
For the first payment:
A = Rs. x, n = 1 year and r = 20%
For the second payment:
A = Rs. x, n = 2 year and r = 20%
Given, the total sum borrowed = Rs. 9020
Answered by | 31 Jul, 2017, 03:59: PM
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