If a sum of Rs. 13040 is to be repaid in two equal installments at $$3\frac{3}{4}$$ % per annum, what is the amount of each installment?
a) 7045
b) 8000
c) 65067
d) 6889
Answer: d
Explanation:
$$\eqalign{
& {\text{Let}}\,{\text{each}}\,{\text{installment}}\,{\text{be}}\,P \cr
& {\text{Hence}}, \cr
& {\frac{x}{{ {\left( {\frac{{100}}{{100 + r}}} \right) + {{\left( {\frac{{100}}{{100 + r}}} \right)}^2}} }}} \cr
& \,\frac{x}{{ {1 + {\frac{{15}}{{400}}} } }} + \frac{x}{{ {1 + {{\left( {\frac{{15}}{{400}}} \right)}^2}} }} = Rs.\,13040 \cr
& x = Rs.\,6889 \cr} $$
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