What annual payment will discharge a debt of Rs. 1060 due in 2 years at the rate of 5% compound interest?
Options
A) 993.2	B) 551.25	C) 570.07	D) 543.33	E) 646.33
Explanation:   Let each installment be Rs. x. Then,   x/(1 + 5/100) + x/(1 + 5/100)2 = 1060   820x + 1060 * 441   x = 570.07   So, value of each installment = Rs. 570.07   Answer: Option 570.07
<result>C</result>
What annual payment will discharge a debt of Rs. 1060 due in 2 years at the rate of 5% compound interest?