An amount of Rs. 12,820 due 3 years hence, is fully repaid in three annual instalments starting after 1 year The first instalment is 1/2 the second instalment and the second instalment is 2/3 of the third instalment. If the rate of interest is 10% per annum, find the first installment.
Explanation:
Let the third installment be x
⇒ 2nd installment = 2x/3 and 3rd installment = x/3
⇒ 12,820 = x3×1.12+2x3×1.1+x=6.41x3
⇒ x = 6000
∴ 1st installment = x/3 = 2000
Hence, option (c).
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