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A doctor borrowed ₹ 3,825 and he returned the money in two equal yearly instalments. If the annual rate of compound interest (compounded annually) is 4%, then find the value of each instalment.

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  1. ₹ 2,028
  2. ₹ 2,377
  3. ₹ 2,275
  4. ₹ 1,783

Answer (Detailed Solution Below)

Option 1 : ₹ 2,028
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Detailed Solution

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Given:

Principal (P) = ₹3,825

Rate (r) = 4% per annum

Time (t) = 2 years

Formula used:

Instalment (I) =

Calculation:

I =

⇒ I =

⇒ I =

⇒ I =

⇒ I =

⇒ I =

⇒ I = ₹ 2,028

∴ The correct answer is ₹ 2,028.

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