Mukesh took some loan from a bank at the rate of 5% per annum compounded annually. If he cleared his loan by paying ₹7,05,600 at the end of 2 years, then what was the amount of loan that he had taken?
1
Rs. 5,96,000
2
Rs. 6,40,000
3
Rs. 6,68,000
4
Rs. 5,60,000