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A loan of rupees 5100 is to be paid back in two equal half yearly installments. How much is each installment, if the interest is compounded half yearly at 8% per annum?

A loan of rupees 5100 is to be paid back in two equal half yearly installments. How much is each installment, if the interest is compounded half yearly at 8% per annum? Correct Answer 2704

Calculation:

Let each installment be x

Rate is 8% pa = 4% half yearly

P1 = x / (104 / 100)1 = 25x / 26

P2 = 625x / 676

Now P1 + P2 = 5100

⇒ x = 2704

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