A) 500
B) 600
C) 700
D) None of these
Correct Answer: C
Solution :
Let the amount instalment be Rs. x. Then, according to the question, |
(Amount of x for 3 yr)+(Amount of x for 2 yr)+ (Amount of x for 1 yr)+x = 3220 |
or \[\left( x+\frac{x\times 10\times 3}{100} \right)+\left( x+\frac{x\times 10\times 2}{100} \right)\] |
\[+\left( x+\frac{x\times 10\times 1}{100} \right)+x=3220\] |
\[\Rightarrow \]\[4x+\frac{30x}{100}+\frac{20x}{100}+\frac{10x}{100}=3220\] |
\[\Rightarrow \]\[400x+30x+20x+10x=322000\] |
\[\Rightarrow \] \[460x=322000\] |
\[\Rightarrow \] x = Rs. 700 |
\[\therefore \] Each instalment = Rs. 700 |
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