Rajnish borrowed ₹1,500 from a bank and repaid the entire amount with interest in two equal annual instalments, the first instalment being paid a year after Rajnish borrowed from the bank. If the rate of interest was 40% per annum, compounded annually, then what was the value (in ₹) of each instalment paid by Rajnish?
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Q:
Rajnish borrowed ₹1,500 from a bank and repaid the entire amount with interest in two equal annual instalments, the first instalment being paid a year after Rajnish borrowed from the bank. If the rate of interest was 40% per annum, compounded annually, then what was the value (in ₹) of each instalment paid by Rajnish?
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