A sum of money is paid back in two annual instalments of ₹ 17,640 each, allowing 5 % compound inte

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6.Interest

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A sum of money is paid back in two annual instalments of ₹ $17,640$ each, allowing $5 \%$ compound interest compounded annually. The sum borrowed was (In ₹)

A

$32400$

B

$32800$

C

$32200$

D

$32000$

Solution

(b) Required sum borrowed $=17640\left(1+\frac{5}{100}\right)+17640$

$=P\left(1+\frac{5}{100}\right)^{2}$

$P=17640 \times \frac{205}{100} \times \frac{100}{105} \times \frac{100}{105}=₹ 32,800$

Principal amount $=₹ 32,800$.

Standard 13

Quantitative Aptitude

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