On 1st January 2003 X sells oh Hire purchase a Machinery to Y. Besides the down payment of ₹4, 00, 000, it is agreef by Y to pay first installment of ₹8, 78, 460on 31st December 2003 and the last installment of ₹8, 05, 255 on 31st December 2004. The rate of interest charged is 10% per annum. Determine the cash price of the machine.
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