p = payment

1.10(2300 - p) = p

Solve for p. You should get p = ~1204.76

Results 1 to 2 of 2

- September 30th 2009, 04:00 AM #1

- Joined
- Aug 2009
- Posts
- 6

## What would you pay??

If a sum Rs.2300 is due to be repaid at the end of two years.If it has to be repaid in two equal annual instalments(the installments being paid at the begining of the year)at 10% p.a. compounded annually,find the value of each installment.

- September 30th 2009, 05:38 AM #2

- Joined
- Dec 2007
- From
- Ottawa, Canada
- Posts
- 3,184
- Thanks
- 80