question_answer

A man has a debt of Rs. 820 which he undertakes to pay back with compound interest at the rate of 5% per annum in 2 equal yearly installments at the end of first year and second year. What is the amount of each installment? (approximately)

A) Rs. 370

B) Rs. 381

C) Rs. 390

D) Rs. 395

E) Rs. 400