A sum of Rs.8584 is to be paid back in 3 equal annual installments. Ho – McqOptions

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1.	A sum of Rs.8584 is to be paid back in 3 equal annual installments. How much is each installment if the interest is compounded annually at 14% per annum?
A.	Rs. 3700
B.	Rs. 5400
C.	Rs. 4500
D.	Rs. 5500
E.	None of these
Answer» B. Rs. 5400

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