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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?

  • 1
    1125
  • 2
    1470
  • 3
    1225
  • 4
    1350
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Answer : 3. "1225"

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