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A man arranges to pay off a debt of ₹3600 in 40 annual installments which form an Arithmetic Progression (A.P). When 30 of the installments are paid, he dies leaving one-third of the debt unpaid . Find the value of the first installment.
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- 55
- 53
- 51
- 49
Correct Option: C
Let us assume the first installment is a and difference between two consecutive installments is d.
According to question,
Sum of 40 Installments = 3600
Apply the formula Sum of first n terms in an Arithmetic Progression = Sn = n/2[ 2a + (n?1)d ]
where a = the first term, d = common difference, n = number of terms.
n/2[ 2a + (n?1)d ] = 3600
Put the value of a, n and d from question,
40/2[ 2a + (40 ?1)d ] = 3600
20[ 2a + 39d ] = 3600
[ 2a + 39d ] = 3600/20 = 180
2a + 39d = 180...........................(1)
Again according to given question,
After paying the 30 installments the unpaid amount = 1/3(total unpaid amount) = 3600 x 1/3
After paying the 30 installments the unpaid amount = 1200
So After paying the 30 installments the paid amount = 3600 - 1200 = 2400
Sum of 30 installments = 2400
30/2[ 2a + (30 ?1)d ] = 2400
[ 2a + (30 ?1)d ] = 2400 x 2/30
2a + 29d = 80 x 2 = 160
2a + 29d = 160..........................(2)
Subtract the Eq. (2) from Eq. (1), we will get
2a + 39d - 2a - 29d = 180 - 160
10d = 20
d = 2
Put the value of d in Equation (1), we will get
2a + 39 x 2 = 180
2a = 180 - 78
a = 102/2
a = 51
The value of first installment = a = 51
