On what sum will the compound interest at $5 %$ p.a. for $2$ years compounded annually be Rs. $1, 640$ ?

16, 000

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630.50

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425.76

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1, 640

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Solution

The correct option is A $16, 000$
$1, 640 = P [(1 + 0.05)^{2} - 1]$
$1, 640 = P (1.1025 - 1)$
Hence, the required sum is Rs. $16, 000$

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