A man borrows Rs. 5,000 for 2 years at the rate of interest of 16% compounded yearly. If at the end of the first year he paid back Rs. 500, then the amount he should pay at the end of the second year is
- AOption (a)
Rs. 6,228
- BOption (b)
Rs. 6,148
- COption (c)
Rs. 6,728
- DOption (d)
Rs. 6,648
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Correct answer
Rs. 6,228