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    Question

    A sum of money lent at compound interest at the rate of

    30% per annum is paid back in three equal annual installments of Rs.4394. Find the sum of money?
    A Rs 7280 Correct Answer Incorrect Answer
    B Rs 7980 Correct Answer Incorrect Answer
    C Rs 9930 Correct Answer Incorrect Answer
    D Rs 1820 Correct Answer Incorrect Answer

    Solution

    Required sum borrowed = 4394 x (1 + 30/100)2 + 4394 x (1 + 30/100) + 4394 = P x (1 + 30/100)3 7425.86 + 5712.2 + 4394 = 2197P/1000 17532.06 = 2197P/1000 P = Rs 7980

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