A sum of $3310 is to be paid back in 3 equal installments. How much is each installment if the interest is compounded annually at 10% per annum.  Choose the correct choice from the following choices.
A) 1311 B) 1331 C) 1103 D) 2331 E) 2311
1311ssume each installment = X   Initial value = 3310   End of 1st year, value = 3310*1.1 1311ND we pay the first installment, so remaining value = 3310*1.1 - X = 3641 - X   End of 2nd year, value = (3641 - X)*1.1 1311ND we pay the second installment, so remaining value = (3641 - X)*1.1 - X = 4005 - 2.1X   End of 3rd year, value = (4005 - 2.1X)*1.1 = 4405 - 2.31X   KEY is the value at the end of 3rd year = X (the last installment)   =&gt; 4405 - 2.31X = X   =&gt; 4405 = 3.31X   =&gt; X = 1331   1311NSWER:1311
<result>A</result>
A sum of $3310 is to be paid back in 3 equal installments. How much is each installment if the interest is compounded annually at 10% per annum.