a) 17%
b) 19%
c) 22%
d) Cannot be determined
Answer: b
Explanation:
Let the R% p.a.
$$\left[ {26000 \times {{\left( {1 + \frac{{\text{R}}}{{100}}} \right)}^3} – 26000} \right] – $$ $$\left( {\frac{{26000 \times {\text{R}} \times 3}}{{100}}} \right) = $$ $$2994.134$$
$$ 26000\left[ {{{\left( {1 + \frac{{\text{R}}}{{100}}} \right)}^3} – 1 – \frac{{3{\text{R}}}}{{100}}} \right] = $$ $$2994.134$$
$$ 26000$$ $$\left[ {\frac{{{{\left( {100 – {\text{R}}} \right)}^3} – 1000000 – 30000{\text{R}}}}{{1000000}}} \right] = $$ $$2994.134$$
$$ 26\left[ {\left\{ {1000000 + {{\text{R}}^3} + 300{\text{R}}\left( {100 + {\text{R}}} \right) – 1000000 – 30000{\text{R}}} \right\}} \right] = 2994134$$
$$ {{\text{R}}^3} + 300{{\text{R}}^2} = \frac{{2994134}}{{26}} = $$ $$115159$$
$$ {{\text{R}}^2}\left( {{\text{R}} + 300} \right) = 115159$$
$$ {\text{R = 19}}\% $$
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