What annual payment will discharge a debt of Rs. 1030 due in 2 years at the rate of 5% compound interest?
Choose the correct option
A) 553.94 B) 551.25 C) 534.33 D) 543.33 E) 646.33
Explanation:   Let each installment be Rs. x. Then,   x/(1 + 5/100) + x/(1 + 5/100)2 = 1030   820x + 1030 * 441   x = 553.94   So, value of each installment = Rs. 553.94   553.94nswer: Option 553.94
<result>A</result>
What annual payment will discharge a debt of Rs. 1030 due in 2 years at the rate of 5% compound interest?