Quick Method for solving Compound Interest Questions - Type 14

Ashish

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#1
A man buys a scooter on making a cash down payment of Rs 16224 and promises to pay two more yearly installments of equivalent amount in next two years. If the rate of interest is 4% per annum compounded yearly, the cash value of scooter is:
a) Rs 40000
b) Rs 46824
c) Rs 46000
d) Rs 50000

Answer: Rs 46824