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.
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.
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