Discussion

Explanation:

Let x = annual payment

Now, (amount of x for 3 years) + (amount of x for 2 years) + (amount of x for 1 year) + x = 13,440

$\Rightarrow \left(x+\frac{x\times 3\times 8}{100}\right)+\left(x+\frac{x\times 2\times 8}{100}\right)+\left(x+\frac{x\times 8}{100}\right)+x=$ 13440

⇒ 1.24x + 1.16x + 1.08x + x = 13,440

⇒ 4.48x = 13,440

⇒ x = 3000

Hence, option (d).

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