What annual payment will discharge a debt of ₹ 1092

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What annual payment will discharge a debt of ₹ 1092 due in 2 yr at 12% simple interest ?

1. ₹ 725
2. ₹ 325
3. ₹ 515
4. ₹ 900
5. ₹ 400

Correct Option: C

According to the formula,
Annual payment = 100P / [100 x T + {RT (T - 1)/2}]
= (1092 x 100) / [100 x 2 + {24 (2 - 1)/2}]
= (1092 x 100)/2012
= ₹ 515.09
≈ ₹ 515