Ram borrowed a certain sum of money and paid it back in 2 yrs equal installment.if the rate of compound interest was 4% p.a and
he paid back rs 1352 annually what sum did he borrowed ?
1 answer:
Answer:
2250
Step-by-step explanation:
We want the amount paid, or the present value of the two payments
there are a couple of ways to do this, but because there are only two cashflows I think it's easier to just discount them manually
1352*(1/1.04)+1352*(1/1.04)²
This is equal to
2250
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