Multiple Choice Questions on A sum of money borrowed at 5 compound interest is to paid in two annual installments of Rs 882 each ........... for Mathematics - All Exams Preparation

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Multiple Choice Questions

A sum of money borrowed at 5 compound interest is to paid in two annual installments of Rs 882 each ...........

Quant (SSC) Compound Interest
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    A sum of money borrowed at 5% compound interest is to paid in two annual installments of Rs 882 each. What is the sum borrowed?

    Rs 1650

    Incorrect Answer

    Rs 2340

    Incorrect Answer

    Rs 2630

    Incorrect Answer

    Rs 1640

    Correct Answer
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    Explanation:

    P = 882 /[1 + 5/100] + 882 /[1 + 5/100]2
    P = 882 x 100/105 + 882 x 10000/11025
    P = 840 + 800 = 1640

    By: Amit Kumar
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