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A money-lender borrows money at 4% per ...

A money-lender 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. 5500

B

Rs. 4500

C

Rs. 5000

D

Rs. 6000

Text Solution

Verified by Experts

The correct Answer is:
C
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