# Anirudh takes a loan of Rs. 33600 at 10% p.a. compound interest. The person chooses to pay in two installments both at the end of the first year and t

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Anirudh takes a loan of Rs. 33600 at 10% p.a. compound interest. The person chooses to pay in two installments both at the end of the first year and the second year respectively. Find the value of the installment.
1. Rs. 19,560
2. Rs. 18,440
3. Rs. 19,360
4. Rs. 18,840
5. None of the above

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Correct Answer - Option 3 : Rs. 19,360

Calculation:

Assume equal installments as x.

⇒ 33600 = (x/(1 + 10/100)) + (x/(1 + 10/100))2

⇒ 33600 = x × [(1/1.10) + (1/1.21)]

⇒ 33600 = x × (10/11 + 100/121)

⇒ 33600 = x × 210/121

⇒ x = 33600 × 121/210

⇒ x = 19360

The value of the installment is Rs. 19,360.