Mathematics · Interest
A man borrows a certain sum of money and pays it back in 2 years in two equal annual instalments. If the compound interest is calculated at 5% per annum compounding annually and he pays back Rs. 882 each year, what sum did he borrow?
- 1Rs. 1,650
- 2Rs. 1,682
- 3Rs. 1,640✓
- 4Rs. 1,600
Correct answer
Rs. 1,640
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