Correct Answer - Option 4 : Rs. 5,55,600
Given:
Annual installment = Rs. 243340
Rate % = 15 %
Total number of installment = 3
Formula used:
P = [{x/(1 + r/100)} + {x/(1 + r/100)2} + {x/(1 + r/100)3}]
Where x = annual installment
P = Principal
r = 15%
Calculation:
According to the formula,
P = [{x/(1 + r/100)} + {x/(1 + r/100)2} + {x/(1 + r/100)3}]
⇒ P = x[{100/(1 + r/100)} + {1002/(1 + r/100)2} + {1003/(1 + r/100)3}]
⇒ P = 243340 × [{100/(1 + 15/100)} + {1002/(1 + 15/100)2} + {1003/(1 + 15/100)3}]
⇒ P = 243340 × [20/23 + (20/23)2 + (20/23)3]
⇒ P = 243340 × 20/23[1 + 20/23 + (20/23)2]
⇒ P = 243340 × 20/23[1 + 20/23 + 400/529]
⇒ P = 243340 × 20/23[(529 + 460 + 400)/529]
⇒ P = 243340 × 20/23(1389/529)
⇒ P = Rs. 5,55,600
∴ The amount of money that bank gives to the Anshul is Rs. 5,55,600