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A sum of ₹ 550 was taken as a loan. This...

A sum of ₹ 550 was taken as a loan. This is to be paid back in two equal annual instalments. If the rate of interest be `20%` compounded annually, then the value of each instalments is:

A

Rs.421

B

Rs.396

C

Rs.360

D

Rs.350

Text Solution

Verified by Experts

The correct Answer is:
C
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