A Bluetooth speaker is sold for ₹3,500 cash, or ₹1,000 cash down payment and the balance in 3 equal annual instalments. If rate of interest is 12.5% per annum and interest is compounding annually, then find the amount of instalment. (correct to 2 decimal places)
1
₹1,019.83
2
₹1,249.83
3
₹1,049.83
4
₹1,149.83