Mathematics · Compound Interest
A sum of money is borrowed from a bank at 5% per annum compound interest, computed annually. If the difference between the interest of the third year and that of the first year is ₹28.70, then how much money was borrowed from the bank?
- 1₹5,600✓
- 2₹8,610
- 3₹4,800
- 4₹5,740
Correct answer
₹5,600
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