A sum of Rs.3310 is to be paid back in 3 equal annual instalments. How much is each instalment if the interest is compounded annually at 10% per annum?

A sum of Rs.3310 is to be paid back in 3 equal annual instalments. How much is each instalment if the interest is compounded annually at 10% per annum?
1). Rs. 1321
2). Rs. 1343
3). Rs. 1325
4). Rs. 1331

A = P(1 + r/100)^t

Where, A = Amount, P = Principle, r = %rate, t = time

Given, sum of Rs. 3310 is to be paid back in 3 equal annual instalments.

Let the annual installment be ‘a’.

$(\Rightarrow 3310{\left( {1 + \frac{{10}}{{100}}} \right)^3}$

$ = a + a\left( {1 + \frac{{10}}{{100}}} \right) + a{\left( {1 + \frac{{10}}{{100}}} \right)^2})$

3310 × 1.1³ = a + 1.1a + 1.21a

$3.31a = 3310 × 1.1³

$a = Rs. 1331$

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