Rajnish borrowed ₹1,500 from a bank and repaid the entire amount with interest in two equal annual installments, the first installment being paid a ye...
Question
Rajnish borrowed ₹1,500 from a bank and repaid the entire amount with interest in two equal annual installments, the first installment being paid a year after Rajnish borrowed from the bank. If the rate of interest was 40% per annum, compounded annually, then what was the value (in ₹) of each installment paid by Rajnish?