A loan of $\text{Rs. } 16,400$ is to be paid back in two equal annual installments. If the rate of interest is $5\%$ per annum compounded annually, find the value of each installment.

Options:

• A: $\text{Rs. } 8,400$
• B: $\text{Rs. } 8,600$
• C: $\text{Rs. } 8,820$
• D: $\text{Rs. } 9,000$

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