What annual installment will discharge a debt of Rs. 1428 due in 3 years at 12% simple interest? Choose the correct choice from the following choices:
A) 315
B) 345
C) 425
D) 335
E) None of them
Let each Installment be Rs. x   Then, ( x+ ((x*12*1)/100)) + (x+ ((x*12*2)/100) ) + x = 1428   =((28x/25) + (31x/25) + x) = 1428 ïƒ› (28x+31x+25x)=(1428*25)   x= (1428*25)/84 = Rs.425.   Therefore,	Each installment = Rs. 425.   Answer is 425.
<result>C</result>
What annual installment will discharge a debt of Rs. 1428 due in 3 years at 12% simple interest?