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A lent out some money from bank at 20% per annum at compound interest. He repaid total amount in three yearly installments of Rs.2000 each. Find the total interest to paid on same sum when compounded annually.
1. Rs.2134.62
2. Rs.2600.00
3. Rs.3450.09
4. Rs.3067.03

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Correct Answer - Option 4 : Rs.3067.03

Calculation:

Let amount he borrowed be Rs.m.

Each installment = Rs.2000

⇒ m(1 + 20/100)3 = 2000(1 + 20/100)3-1 + 2000(1 + 20/100)3-2 + 2000(1 + 20/100)3-3

⇒ 1.728m = 2880 + 2400 + 2000

⇒ m = 4212.96

The sum he borrowed is Rs.4212.96.

∴ Compound interest = 4212.96(1 + 20/100)3 - 4212.96 = Rs.3067.03

\

Let a be the installment.

P(1 + R/100)n = a(1 + R/100)n-1 + a(1 + R/100)n-2 + a(1 + R/100)n-3 +….+ a

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