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Compound Interest Practice Test 5

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Question : 21

Total: 40

Sultan took a loan from the bank at 8% per annum and was supposed to pay a sum of Rs 2,240 at the end of 4 years. If the same sum is cleared off in four equal annual installments at the same rate, the amount of annual installment will be:

Rs 500
Rs 550
Rs 600
Rs 1,000

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