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6.Interest
hard
A man borrows $Rs. 5100$ to be paid back with compound interest at the rate of $4 \%$ pa by the end of $2$ years in two equal yearly instalments. How much (In $Rs.$) will be each instalment?
A
$2704$
B
$2800$
C
$3000$
D
$2500$
Solution
Let the installment in each part be Rs. P According to question:
$\Rightarrow \frac{P}{\left(1+\frac{R}{100}\right)}+\frac{P}{\left(1+\frac{R}{100}\right)^{2}}=R s .5100$
$\Rightarrow \frac{P}{\left(1+\frac{4}{100}\right)}+\frac{P}{\left(1+\frac{4}{100}\right)^{2}}=5100$
$\frac{25 P}{26}+\frac{625}{676} P =5100 \Rightarrow 1275 P =5100 \times 676$
$P =\frac{5100 \times 676}{1275}= Rs .2704$
Standard 13
Quantitative Aptitude
