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A sum of money is borrowed and paid back in two equal annual installments of ₹882, allowing 5% compound interest. What is the sum borrowed? Options - (a) 1640 (b) 1680 (c) 1620 (d) 1700?
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A sum of money is borrowed and paid back in two equal annual installme...
Present worth of Rs. x due T years = 
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A sum of money is borrowed and paid back in two equal annual installme...
Solution:
Let the sum borrowed be ₹x.
After 1 year, the amount to be paid back is x(1+5/100) = x(21/20)
After 2 years, the amount to be paid back is x(21/20)(21/20) = x(441/400)
As per the question, the two equal installments are ₹882 each. So, we have:
x(21/20) + x(441/400) = 882 + 882
Simplifying this equation, we get:
x = 1620
Therefore, the sum borrowed is ₹1620.
Answer: (c) 1620
Let the sum borrowed be ₹x.
After 1 year, the amount to be paid back is x(1+5/100) = x(21/20)
After 2 years, the amount to be paid back is x(21/20)(21/20) = x(441/400)
As per the question, the two equal installments are ₹882 each. So, we have:
x(21/20) + x(441/400) = 882 + 882
Simplifying this equation, we get:
x = 1620
Therefore, the sum borrowed is ₹1620.
Answer: (c) 1620
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A sum of money is borrowed and paid back in two equal annual installments of ₹882, allowing 5% compound interest. What is the sum borrowed? Options - (a) 1640 (b) 1680 (c) 1620 (d) 1700?
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A sum of money is borrowed and paid back in two equal annual installments of ₹882, allowing 5% compound interest. What is the sum borrowed? Options - (a) 1640 (b) 1680 (c) 1620 (d) 1700? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about A sum of money is borrowed and paid back in two equal annual installments of ₹882, allowing 5% compound interest. What is the sum borrowed? Options - (a) 1640 (b) 1680 (c) 1620 (d) 1700? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A sum of money is borrowed and paid back in two equal annual installments of ₹882, allowing 5% compound interest. What is the sum borrowed? Options - (a) 1640 (b) 1680 (c) 1620 (d) 1700?.
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