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A loan is repaid in two equal yearly instalments of Rs 17640 each at 5% compound interest compounded annually. What was the sum originally borrowed?

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

Correct answer: Rs 32800

Solution

Discounting each instalment back: 17640/1.05 = 16800 and 17640/1.05² = 16000. Their sum is 32800, the amount borrowed.

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