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    Question

    Rajnish borrowed ₹1,500 from a bank and repaid the

    entire amount with interest in two equal annual instalments, the first instalment being paid a year after Rajnish borrowed from the bank. If the rate of interest was 40% per annum, compounded annually, then what was the value (in ₹) of each instalment paid by Rajnish?
    A 1125 Correct Answer Incorrect Answer
    B 1470 Correct Answer Incorrect Answer
    C 1225 Correct Answer Incorrect Answer
    D 1350 Correct Answer Incorrect Answer

    Solution

    The correct answer is C

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