A sum of money was lent at 10% per annum, compounded annually, for 2 y – McqOptions

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1.	A sum of money was lent at 10% per annum, compounded annually, for 2 years. If the interest was compounded half-yearly, he would have received 220.25 more. Find the sum.
A.	40000
B.	45000
C.	48000
D.	50000
Answer» B. 45000

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