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A moneylender borrows money at 4% per an...

A moneylender borrows money at 4% per annum and pays the interest at the end of the year. He lends it at 6% per annum compound interest compounded half yearly and receives the interest at the end of the year. In this way he gains Rs. 104.50 a year. The amount of money he borrows, is

A

Rs. 4500

B

Rs. 5000

C

Rs. 5500

D

Rs. 6000

Text Solution

Verified by Experts

The correct Answer is:
B
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