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Math Help - What would you pay??

  1. #1
    Newbie
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    Aug 2009
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    Cool 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.
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  2. #2
    MHF Contributor
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    Dec 2007
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    Ottawa, Canada
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    p = payment

    1.10(2300 - p) = p

    Solve for p. You should get p = ~1204.76
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