A loan is discharged in three equal annual installments of Rs. 1331 each, if the rate of interest is 10%, find the amount of loan.
Explanation:
Let the amount be A.
A × 1.13 = 1331 + 1331 × 1.1 + 1331 × 1.12
⇒ A × 1.13 = 1331(1 + 1.1 + 1.12)
⇒ A × 1.331 = 1331 × 3.31
⇒ A = Rs. 3310
Hence, option (a).
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