A moneylender borrows money at 5% per annum and pays the interest at the end of the year. He lends it at 12% per annum compound interest compounded half yearly and receives the interest at the end of 6 months. In this way he gains Rs. 2,944 a year. The amount of money he borrows, is (in rupees)
1
29,000
2
32,500
3
36,835
4
40,000
5
45000