What annual payment will discharge a debt of Rs. 1060 due in 2 years at the rate of 5% compound interest?
Choose the correct choice: A) 993.2 B) 551.25 C) 570.07 D) 543.33 E) 646.33

Rationale: "explanation : let each installment be rs . x . then , x / ( 1 + 5 / 100 ) + x / ( 1 + 5 / 100 ) 2 = 1060 820 x + 1060 * 441 x = 570.07 so , value of each installment = rs . 570.07 answer : option c"
Answer: C