Q:

A man buys a scooter on making a cash down payment of Rs. 16224 and promises to pay two more yearly installments of an equivalent amount in the next two years. If the rate of interest is 4% per annum, compounded yearly, the cash value of the scooter, is 

• 1
  Rs. 46000
• 2
  Rs. 50000
• 3
  Rs. 40000
• 4
  Rs. 46824