Tom borrowed a sum of money at 10% per annum compound interest. If he repaid the sum only after 2 years, he would have to repay $4356. I already found the sum of money that he had borrowed to be $3600.
The question is if he repaid the sum by two equal annual instalments, at the end of the first year and the second year, how much was each instalment?
I didn't quite understand the question .pls teach me thanks