Question
A sum of money lent at compound interest at the rate of
10% per annum is paid back in three equal instalments of Rs 3,993. Find the sum?Solution
Sum = Instalment {10/11 + (10/11)2 + (10/11)3 } Sum = 3,993 {10/11 + 100/121 + 1000/1331} = 3993 {(1210 + 1100 + 1000)/1331} = 3993 {3310/1331} = Rs 9930
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