A man borrowed a sum of money at the beginning of every year at 10% C.I. If at the end of 3 years he pays Rs. 7282, how much did he borrow every year?
Explanation:
Let P = Sum borrowed every year
The amount P borrowed at the beginning of 1st year will become at the end P1+101003 of 3rd year.
The amount P borrowed at the beginning of 2nd year will become at the end P1+101002 of 3rd year.
The amount P borrowed at the beginning of 3rd year will become at the end P1+10100 of 3rd year.
Now, P1+101003+P1+101002+P1+10100 = 7282
⇒ P = 2000
Hence, option (a).
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