A sum of Rs.6,000 is to be paid back in two equal annual instalments; each instalment is to be paid at the end of every year. How much is each instalment if the interest is compounded annually at 2% p.a.? (Rounded off up to two decimal places)

Rs.3,090.30

Principal = Rs. 6000

2% = \(\frac{1 }{50}\)

  50     :     51       -----(1)

  50²    :     51²

Multiply equation (1) by 11.

 50×51  :    51²

Total principal = 2550 + 2500 = 5050

ATQ,

5050R = 6000

1R = \(\frac{6000}{5050}\)

51² R = 51 × 51 × \(\frac{6000}{5050}\)

= Rs. 3090.30