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Mukesh needs to pay two equal half-yearly installments of Rs. 6050 each at a 20% p.a. rate of compound interest. Find the total sum borrowed by him.


1. 11500
2. 12500
3. 10500
4. 13500

1 Answer

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Best answer
Correct Answer - Option 3 : 10500

Given:

P = 48800

R = 25%

Formula used:

Let installment be X

P = (X/ (1 + (R/ 100)) + (X/ (1 + (R/ 100)2)

Calculation:

P = (6050/ (1 + (10/ 100)) + (6050/ (1 + (10/ 100)2)

⇒ P = 6050 × 10/ 11 (1 + (10/ 11))    (∵ 10/ 100 = 1/ 10)

⇒ P = 6050 × 210/ 121

⇒ P = 10500

∴ The required answer is Rs 10500.

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