Question

In: Math

Percentage and Applications

A sum of Rs.6000 is borrowed at 10% pa compounded interest and paid back in three equal annual instalments.

What is the approximate amount of each instalment?

Solutions

Expert Solution

Suppose the value of every instalment is Rs.P

If an amount P is compounded at interest rate of R for T years then the total amount = P(1 + R/100)T

Total amount to be paid = 6000 (1 + 10/100)3

Now when a person is giving first instalment of Rs.P at the end of 1st year it means on that amount compounded

interest will be applicable for 2 years. Similarly for 2nd instalment compounded will be applicable for 1 year.

So, P(1 + 10/100)2 + P(1 + 10/100) + P = 6000(1 + 10/100)3

=> 3.31P = 7986 => P = 2412 = Rs.2400 (approx.)

Amount for each installment = Rs.2400

Arjun A answered 4 years ago
Next > < Previous

Related Solutions

Write applications of the following: 1 -    10-15 applications of Numerical differentiations 2-     10- 15 applications...
Write applications of the following: 1 -    10-15 applications of Numerical differentiations 2-     10- 15 applications of Numerical integration 3-     10-15 applications of Composite Numerical integration.
Genetic applications
List out the genetic applications of T4 bacteriophage, E.coli, Saccharomyces cervesiae.
1.Which of the following is NOT correct regarding​ browser-based database​ applications? A.​Browser-based applications are​ thin-client applications....
1.Which of the following is NOT correct regarding​ browser-based database​ applications? A.​Browser-based applications are​ thin-client applications. B.​Browser-based applications are​ thick-client applications. C.JavaScript is the standard language for​ user-side processing. D.Languages like​ C# and Java are used for​ server-side processing. E.​Forms, reports, and queries are displayed and processed using html. 2.When the data model is converted to a​ database, which object on the model will become a column or fields in the​ table? A.Attributes B.Identifier C.Integrity constraint D.Record E.Entity
The following table compares the completion percentage and interception percentage of 5 NFL quarterbacks. Completion Percentage...
The following table compares the completion percentage and interception percentage of 5 NFL quarterbacks. Completion Percentage 57 57 57 57 60 Interception Percentage 4.9 4.3 2.9 2.7 1.4 Step 1 of 5: Calculate the sum of squared errors (SSE). Use the values b0=47.4019 and b1=−0.7667 for the calculations. Round your answer to three decimal places. Step 2 of 5: Calculate the estimated variance of errors, s2e . Round your answer to three decimal places. Step 3 of 5: Calculate the...
The following table compares the completion percentage and interception percentage of 5 NFL quarterbacks. Completion Percentage...
The following table compares the completion percentage and interception percentage of 5 NFL quarterbacks. Completion Percentage 60 61 62 62 65 Interception Percentage 4.4 2.6 2.5 2.1 1.3 Step 4 of 5: Construct the 98% confidence interval for the slope. Round your answers to three decimal places. Step 5 of 5: Construct the 95% confidence interval for the slope. Round your answers to three decimal places. Please help
The following table compares the completion percentage and interception percentage of 55 NFL quarterbacks. Completion Percentage...
The following table compares the completion percentage and interception percentage of 55 NFL quarterbacks. Completion Percentage 5858 5959 6161 6464 6565 Interception Percentage 4.54.5 44 3.53.5 3.53.5 3 Step 1 of 5 : Calculate the sum of squared errors (SSE). Use the values b0=14.2608 b 1 = − 0.1720 for the calculations. Round your answer to three decimal places
The following table compares the completion percentage and interception percentage of 5 NFL quarterbacks. Completion Percentage...
The following table compares the completion percentage and interception percentage of 5 NFL quarterbacks. Completion Percentage 58 59 62 64 66 Interception Percentage 4.6 4 3.6 1.8 1.4 Table Step 1 of 5: Calculate the sum of squared errors (SSE). Use the values b0=28.0781 and b1=−0.4045 for the calculations. Round your answer to three decimal places. Step 2: Calculate the estimated variance of errors s^2e Step 3: Calculate the estimated variance of slope s^2b1
The following table compares the completion percentage and interception percentage of 5 NFL quarterbacks. Completion Percentage...
The following table compares the completion percentage and interception percentage of 5 NFL quarterbacks. Completion Percentage 55 59 60 60 62 Interception Percentage 4.5 4.2 3.5 2.9 1.4 Step 1 of 5: Calculate the sum of squared errors (SSE). Use the values b0=26.9386 and b1=−0.3993 for the calculations. Round your answer to three decimal places. Step 2 of 5: Calculate the estimated variance of errors, se2. Round your answer to three decimal places. Step 3 of 5: Calculate the estimated...
The following table compares the completion percentage and interception percentage of 5 NFL quarterbacks. Completion Percentage...
The following table compares the completion percentage and interception percentage of 5 NFL quarterbacks. Completion Percentage 59 59 59 60 61 Interception Percentage 4.5 3.9 3.4 2.1 2 Step 1 of 5: Calculate the sum of squared errors (SSE). Use the values b0=67.2500 and b1=−1.0750 for the calculations. Round your answer to three decimal places. Step 2 of 5: Calculate the estimated variance of errors, s2e. Round your answer to three decimal places Step 3 of 5: Calculate the estimated...
The following table compares the completion percentage and interception percentage of 5 NFL quarterbacks. Completion Percentage  ...
The following table compares the completion percentage and interception percentage of 5 NFL quarterbacks. Completion Percentage   Interception Percentage 55   4.3 59   2.2 61   1.9 62   1.8 66   1.7 Step 1 of 5: Calculate the sum of squared errors (SSE). Use the values b0=16.4513and b1=−0.2322 for the calculations. Round your answer to three decimal places. Step 2 of 5: Calculate the estimated variance of errors, se2. Round your answer to three decimal places. Step 3 of 5: Calculate the estimated variance...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT