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What annual payment will discharge a debt of Rs. 5334 due in 3 years at 16 2/3 pa compound interest?

Answer 1:

Let the annual payment be Rs. x

Total debt = Rs. 5334

Amount = P(1+r/100)^t

(x/1+r/100) + (x/1+r/100^2) + (x/1+r/100^3) = 5334

x = 2401

Therefore, annual payment = x = Rs. 2401