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A loan is taken today and repaid in two annual instalments (paid at the end of the year) of Rs.2662 each. The rate of interest is 10% p.a and it is compounded annually. Find the sum borrowed.
- Option 1)
Rs.4540
- Option 2)
Rs 4620
- Option 3)
Rs.4520
- Option 4)
Rs.2152
- Option 5)
Rs.2848
A loan is taken today and repaid in two annual instalments (paid at the end of the year) of Rs.2662 each. The rate of interest is 10% p.a and it is compounded annually. Find the sum borrowed.
- Option 1)
Rs.4540
- Option 2)
Rs 4620
- Option 3)
Rs.4520
- Option 4)
Rs.2152
- Option 5)
Rs.2848
Answers (1)
Rate = 10 %
1/10 = 1 increases on 10
In second square on both side given is 2662 but we have -121
So , 2662/121 = 22
Sum borrowed = 210 x 22 = 4620 Rs.
View full answer
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