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Miku borrowed some amount for buying a phone and paid back in two annual installments of Rs. 2646 each, allowing 5% compound interest. What was the amount borrowed?
1. 4990
2. 4950
3. 4920
4. 4490

1 Answer

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Correct Answer - Option 3 : 4920

Given:

(i) Two annual instalments = Rs. 2646

(ii) Rate (R) = 5% pa CI

Calculations:

According to the question,

Principal = [2646/(1 + 5/100) + 2646/(1 + 5/100)2]

⇒ (2646 × 20)/21 + (2646 × 400)/441

⇒ 126 × 20 + 6 × 400

⇒ 2520 + 2400

⇒ 4920.

The amount borrowed by Miku was Rs. 4920.

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