Exams › SSC CGL (Prelims) › Maths

A sum of money is paid back in two annual instalments of ₹17,640 each, allowing 5% compound interest compounded annually. The sum borrowed was:

1. ₹ 32800
2. ₹ 32200
3. ₹ 32000
4. ₹ 32400

Correct answer: ₹ 32800

Solution

The borrowed sum equals the present value of the two instalments. So it is \(\frac{17640}{1.05}+\frac{17640}{1.05^2}\), which comes to ₹32800.

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