A sum of money lent at compound interest at the rate of 20% per annum is paid back in three equal annual instalments of Rs.6048. Find the sum of money?
Required sum borrowed = 6048 x (1 + 20/100)2+ 6048 x (1 + 20/100) + 6048 = P x (1 + 20/100)3 8709.12 + 7257.6 + 6048 = 1728P/1000 22014.72 = 1728P/1000 P = Rs 12740
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