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Banking Sample Paper IBPS PO (PT) Sample Test Paper-2

  • question_answer
    A sum of money lent at compound interest at the rate of 5% per annum is paid back in three equal annual instalments of Rs. 2350. Find the sum.

    A)  Rs.7233.53                              

    B)  Rs. 8521.42

    C)  Rs. 5237.62                             

    D)  Rs. 6399.63

    E)  None of these

    Correct Answer: D

    Solution :

     Sum = Instalment \[\left\{ \frac{20}{21}+{{\left( \frac{20}{21} \right)}^{2}}+{{\left( \frac{20}{21} \right)}^{3}} \right\}\] \[=2350\left( \frac{20}{21}+\frac{400}{441}+\frac{8000}{9261} \right)\] \[=2350\left( \frac{8820+8400+8000}{9261} \right)\] \[=2350\times \frac{25220}{9261}=Rs.6399.63\]


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