CG Board Class 10 Maths Chapter 8 Solutions: Banking and Taxation (बैंकिंग एवं कराधान) (2026-27)

CG Board (CGBSE / SCERT Chhattisgarh) Class 10 Mathematics Solutions | 2026-27 Edition

📚 Chapter Overview:

  • Board: Chhattisgarh Board of Secondary Education (CGBSE) / CG SCERT Raipur
  • Subject & Unit: Class 10 Mathematics – Unit 3: Commercial Mathematics (2026-27 Edition)
  • Chapter 8: Banking and Taxation (बैंकिंग एवं कराधान)
  • Medium: Bilingual Step-by-Step Solutions (English Medium + हिंदी माध्यम)

🌐 Select Language / माध्यम चुनें:

Q1

Savings Bank Account


📝 Question:

Savings Bank Account

💡 Solution:

Money can be deposited or withdrawn at any time. The rate of interest is lower compared to other accounts because the bank cannot invest this money long-term.

A fixed sum of money (monthly installment) is deposited every month for a pre-determined tenure (e.g., 1 to 10 years). The interest rate is higher than a savings account.

A lump sum amount is deposited for a fixed period (e.g., 6 months, 1 year, 5 years). Interest is compounded annually, semi-annually, or quarterly. The rate of interest is the highest among all deposit accounts.

Q2

Income Tax Taxation Concepts Financial Year The period…


📝 Question:

Income Tax & Taxation Concepts Financial Year: The period between April 1st of a year to March 31st of the following year (e.g., 1st April 2013 to 31st March 2014). Gross Annual Income: Sum of income from all sources (excluding House Rent Allowance / HRA if non-taxable). Tax Exemptions under Section 80C: Deductions on savings like Provident Fund (GPF), Life Insurance Policy (LIC), National Savings Certificates (NSC), up to a specified maximum limit (e.g., ₹1,00,000 or ₹1,50,000 as per given FY rules). Tax Exemptions under Section 80G: 100% or 50% tax exemption on approved donations (e.g., Prime Minister’s Relief Fund = 100%, Orphanage/Old Age Home = 50%). Taxable Income: Taxable Income = Gross Income – (Approved Donations + Eligible Savings under 80C) Educational Cess / Sub-tax: Additional percentage levied on the calculated income tax (typically 3% total: 2% primary education + 1% higher education). Total Payable Tax: Total Payable Tax = Calculated Income Tax + Educational Cess Exercise – 1 Question 1:* Karim deposits ₹150 every month for 2 years in his recurring deposit account in State Bank of India. If the rate of interest is 5% per annum, then how much money will be paid to Karim by the bank after 2 years?

💡 Solution:

  • Monthly Installment / (P) = ₹150
  • Time / (t) = 2 years = 2 × 12 = 24 months ⇒ n = 24
  • Rate of interest / (r) = 5% per annum
  • Formula for Interest / :

I = P × r/100 × 1/12 × (n(n + 1))/(2)

I = 150 × 5/100 × 1/12 × (24 × 25)/(2)

I = 150 × 0.05 × 1/12 × 300 = 7.5 × 25 = ₹187.50

  • Total Deposited Amount / :

P × n = 150 × 24 = ₹3600

  • Total Maturity Amount / (A):

A = (P × n) + I = 3600 + 187.50 = ₹3787.50

  • Final Answer: Karim will get ₹3787.50 after 2 years.

Question 2

Reshma opened a recurring deposit account in Punjab…


📝 Question:

Reshma opened a recurring deposit account in Punjab National Bank for five years and deposits ₹200 every month. If the rate of interest is 6% per annum, then how much money will she get after 5 years?

💡 Solution:

  • Monthly Installment (P) = ₹200
  • Time (t) = 5 years = 5 × 12 = 60 months ⇒ n = 60
  • Rate of interest (r) = 6% p.a.
  • Formula for Interest:

I = P × r/100 × 1/12 × (n(n + 1))/(2)

  • Calculation:

I = 200 × 6/100 × 1/12 × (60 × 61)/(2)

I = 12 × 1/12 × 1830 = ₹1830

  • Total Deposited Amount:

P × n = 200 × 60 = ₹12000

  • Maturity Amount (A):

A = 12000 + 1830 = ₹13830

  • Final Answer: Reshma will get ₹13,830 after 5 years.

Question 3

Rohan opened a recurring deposit account in a…


📝 Question:

Rohan opened a recurring deposit account in a post office and deposited ₹50 every month for 5 years. How much money will he get if the rate of interest is 5% per annum?

💡 Solution:

  • Monthly Installment (P) = ₹50
  • Time (t) = 5 years = 5 × 12 = 60 months ⇒ n = 60
  • Rate of interest (r) = 5% p.a.
  • Formula for Interest:

I = P × r/100 × 1/12 × (n(n + 1))/(2)

  • Calculation:

I = 50 × 5/100 × 1/12 × (60 × 61)/(2)

I = 2.5 × 1/12 × 1830 = 2.5 × 152.5 = ₹381.25

  • Total Deposited Amount:

P × n = 50 × 60 = ₹3000

  • Maturity Amount (A):

A = 3000 + 381.25 = ₹3381.25

  • Final Answer: Rohan will get ₹3381.25 on maturity.

Question 4

Padmini opened a recurring deposit account in District…


📝 Question:

Padmini opened a recurring deposit account in District Cooperative Bank for ten years and her monthly installment is ₹100. If on maturity she gets ₹3025 as interest, what is the rate of interest per annum?

💡 Solution:

  • Monthly Installment (P) = ₹100
  • Time (t) = 10 years = 10 × 12 = 120 months ⇒ n = 120
  • Interest earned (I) = ₹3025
  • Rate of interest (r) = ?
  • Formula:

I = P × r/100 × 1/12 × (n(n + 1))/(2)

  • Substituting values:

3025 = 100 × r/100 × 1/12 × (120 × 121)/(2)

3025 = r × 1/12 × 7260

3025 = r × 605

r = (3025)/(605) = 5\%

  • Final Answer: The rate of interest is 5% per annum.

Question 5

If Kishan opens a recurring deposit account in…


📝 Question:

If Kishan opens a recurring deposit account in some bank branch for three years and deposits a monthly installment of ₹250, then how much money will he get if the rate of interest is 5% per annum?

💡 Solution:

  • Monthly Installment (P) = ₹250
  • Time (t) = 3 years = 3 × 12 = 36 months ⇒ n = 36
  • Rate of interest (r) = 5% p.a.
  • Formula for Interest:

I = P × r/100 × 1/12 × (n(n + 1))/(2)

  • Calculation:

I = 250 × 5/100 × 1/12 × (36 × 37)/(2)

I = 12.5 × 1/12 × 666 = 12.5 × 55.5 = ₹693.75

  • Total Deposited Amount:

P × n = 250 × 36 = ₹9000

  • Maturity Amount (A):

A = 9000 + 693.75 = ₹9693.75

  • Final Answer: Kishan will get ₹9693.75.

Question 6

Rajat opened a recurring deposit account in a…


📝 Question:

Rajat opened a recurring deposit account in a branch of Central Bank of India and deposited ₹100 every month for 3 years. What rate of interest per annum will yield an interest of ₹222 on maturity?

💡 Solution:

  • Monthly Installment (P) = ₹100
  • Time (t) = 3 years = 3 × 12 = 36 months ⇒ n = 36
  • Interest earned (I) = ₹222
  • Formula:

I = P × r/100 × 1/12 × (n(n + 1))/(2)

  • Substituting values:

222 = 100 × r/100 × 1/12 × (36 × 37)/(2)

222 = r × 1/12 × 666

222 = r × 55.5

r = (222)/(55.5) = 4\%

  • Final Answer: The rate of interest is 4% per annum.

Question 7

Kishan deposits 20000 for 1 year as fixed…


📝 Question:

Kishan deposits ₹20,000 for 1 year as fixed deposit in Allahabad Bank at an interest rate of 16% per annum. If the interest is compounded every three months, how much money will Kishan get on maturity?

💡 Solution:

  • Principal Amount (P) = ₹20,000
  • Annual Rate of Interest = 16% p.a.
  • Since interest is compounded quarterly (every 3 months), rate per quarter (r) = 16/4 = 4\% per quarter.
  • Time (t) = 1 year = 4 quarters ⇒ n = 4.
  • Formula for Fixed Deposit Compound Amount:

A = P (1 + r/100)n

  • Calculation:

A = 20000 (1 + 4/100)4 = 20000 (1 + 1/25)4 = 20000 (26/25)4

A = 20000 × (456976)/(390625) = (9139520000)/(390625) ≈ ₹23397.17

  • Final Answer: Kishan will get ₹23,397.17 on maturity.

Question 8

Hemchand deposits 100000 for 1 year and six…


📝 Question:

Hemchand deposits ₹1,00,000 for 1 year and six months as fixed deposit in a Rural Bank at an interest rate of 8% per annum. If the interest is compounded every three months, how much money will Hemchand get on maturity?

💡 Solution:

  • Principal Amount (P) = ₹1,00,000
  • Annual Rate of Interest = 8% p.a.
  • Rate per quarter (r) = 8/4 = 2\% per quarter.
  • Time = 1 year 6 months = 18 months = 6 quarters ⇒ n = 6.
  • Formula:

A = P (1 + r/100)n

  • Calculation:

A = 100000 (1 + 2/100)6 = 100000 (1.02)6

A = 100000 × 1.126162419 = ₹112616.24

  • Final Answer: Hemchand will get ₹1,12,616.24 on maturity.

Question 9

If a person saves 2 lakhs for two…


📝 Question:

If a person saves ₹2 lakhs for two years in a fixed deposit account at 4% interest rate per annum, what amount will he get on maturity if interest is compounded annually?

💡 Solution:

  • Principal Amount (P) = ₹2,00,000
  • Rate of interest (r) = 4% p.a.
  • Time (n) = 2 years (compounded annually)
  • Formula:

A = P (1 + r/100)n

  • Calculation:

A = 200000 (1 + 4/100)2 = 200000 (26/25)2

A = 200000 × 676/625 = 320 × 676 = ₹216320

  • Final Answer: The maturity amount will be ₹2,16,320.00.

Question 10

Nilesh opens a fixed deposit account for one…


📝 Question:

Nilesh opens a fixed deposit account for one year in Bank of India and deposits ₹50,000 at 8% rate of interest. If interest is compounded quarterly, then how much money will the bank pay to Nilesh after one year?

💡 Solution:

  • Principal Amount (P) = ₹50,000
  • Annual Rate = 8% p.a. ⇒ r = 8/4 = 2\% per quarter.
  • Time = 1 year = 4 quarters ⇒ n = 4.
  • Formula:

A = P (1 + r/100)n

  • Calculation:

A = 50000 (1 + 2/100)4 = 50000 (51/50)4

A = 50000 × (6765201)/(6250000) = 50000 × 1.08243216 = ₹54121.608 ≈ ₹54121.60

  • Final Answer: Nilesh will get ₹54,121.60.

Question 11

Pushpa saved 60000 for one year six months…


📝 Question:

Pushpa saved ₹60,000 for one year six months in a fixed deposit account. How much money will she get on maturity if the rate of interest is 12% per annum and interest is compounded after every six months?

💡 Solution:

  • Principal Amount (P) = ₹60,000
  • Annual Rate = 12% p.a. ⇒ r = 12/2 = 6\% semi-annually.
  • Time = 1 year 6 months = 3 half-years ⇒ n = 3.
  • Formula:

A = P (1 + r/100)n

  • Calculation:

A = 60000 (1 + 6/100)3 = 60000 (53/50)3

A = 60000 × (148877)/(125000) = 0.48 × 148877 = ₹71460.96

  • Final Answer: Pushpa will get ₹71,460.96 on maturity.

Question 12

Sriram deposited 20000 for two years in a…


📝 Question:

Sriram deposited ₹20,000 for two years in a fixed deposit account. If the annual rate of interest is 6% per annum and the interest is compounded every six months, then what amount will Sriram get after due date?

💡 Solution:

  • Principal Amount (P) = ₹20,000
  • Annual Rate = 6% p.a. ⇒ r = 6/2 = 3\% semi-annually.
  • Time = 2 years = 4 half-years ⇒ n = 4.
  • Formula:

A = P (1 + r/100)n

  • Calculation:

A = 20000 (1 + 3/100)4 = 20000 (103/100)4

A = 20000 × 1.12550881 = ₹22510.176 ≈ ₹22510.17

  • Final Answer: Sriram will get ₹22,510.17.

### *Exercise – 2

Question 1

The income excluding house rent allowance of a…


📝 Question:

The income (excluding house rent allowance) of a government employee in the financial year 2013-2014 was ₹4,10,000. He deposited ₹20,000 as premium on life insurance policy and ₹4000 every month in general provident fund. He also purchased a national savings certificate worth ₹25,000. He donates ₹20,000 to the Prime Minister’s Relief Fund (which is 100% tax free) and ₹12,000 to Old Persons’ Home (which gets him 50% tax rebate). Calculate the payable tax for him at the end of the year. A maximum of ₹1,00,000 of savings (under any scheme) are permitted. Tax Rates: 1. Up to ₹2,00,000 : NIL 2. ₹2,00,001 to ₹5,00,000 : 10% 3. ₹5,00,001 to ₹10,00,000 : 20% Educational Cess = 2% of payable tax, Secondary & Higher Education Tax = 1% of payable tax (Total Cess = 3%)

💡 Solution:

  • Step 1: Gross Annual Income / = ₹4,10,000
  • Step 2: Donations eligible for tax deduction / :
  • Prime Minister’s Relief Fund (100% of ₹20,000) = ₹20,000
  • Old Persons’ Home (50% of ₹12,000) = ₹6,000
  • Total Donation Deduction = ₹20,000 + ₹6,000 = ₹26,000
  • Income after Donation:

4,10,000 – 26,000 = ₹3,84,000

  • Step 3: Total Savings / (under Section 80C):
  • LIC Premium = ₹20,000
  • GPF Deposit = 4000 × 12 = ₹48,000
  • NSC Purchased = ₹25,000
  • Total Savings = ₹20,000 + ₹48,000 + ₹25,000 = ₹93,000
  • Since maximum permissible savings limit is ₹1,00,000, full ₹93,000 is eligible for exemption.
  • Step 4: Taxable Income / :

Taxable Income = 3,84,000 – 93,000 = ₹2,91,000

  • Step 5: Calculation of Income Tax / :
  • Up to ₹2,00,000 = NIL
  • On remaining amount (₹2,91,000 – ₹2,00,000 = ₹91,000) at 10%

Income Tax = 10\% of 91,000 = 10/100 × 91000 = ₹8700

  • Step 6: Educational Cess / (3%):

Educational Cess = 3\% of 8700 = 3/100 × 8700 = ₹261

  • Step 7: Total Payable Income Tax / :

Total Tax = 8700 + 261 = ₹8961

  • Final Answer: Total payable income tax is ₹8,961.

Question 2

Naveens income in the financial year 20132014 was…


📝 Question:

Naveen’s income in the financial year 2013-2014 was ₹7,20,000. He deposited ₹20,000 as premium on life insurance policy and ₹4000 every month in general provident fund. He also purchased a national savings certificate worth ₹30,000. He donates ₹15,000 to an orphanage (which is 50% tax free). Calculate the tax payable by him at the end of the year

💡 Solution:

  • Gross Income = ₹7,20,000
  • Donation Deduction = 50% of ₹15,000 = ₹7,500
  • Income after Donation = 7,20,000 – 7,500 = ₹7,12,500
  • Savings under 80C:
  • LIC = ₹20,000
  • GPF = 4000 × 12 = ₹48,000
  • NSC = ₹30,000
  • Total Savings = ₹20,000 + ₹48,000 + ₹30,000 = ₹98,000
  • Since ₹98,000 ≤ ₹1,00,000, full ₹98,000 is exempted.
  • Taxable Income = 7,12,500 – 98,000 = ₹6,14,500
  • Tax Calculation (Slabs 2013-14):
  • Up to ₹2,00,000 = NIL
  • ₹2,00,001 to ₹5,00,000 (10% of ₹3,00,000) = ₹30,000
  • ₹5,00,001 to ₹6,14,500 (20% of ₹1,14,500)

20\% of 1,14,500 = 20/100 × 114500 = ₹22,900

  • Total Income Tax = ₹30,000 + ₹22,900 = ₹52,900
  • Educational Cess (3%):

3\% of 52,900 = 3/100 × 52900 = ₹1587

  • Total Payable Tax:

52,900 + 1587 = ₹54,487

  • Final Answer: Total payable income tax is ₹54,487.

Question 3

Rameshs total annual income in the financial year…


📝 Question:

Ramesh’s total annual income in the financial year 2008-2009 was ₹3,00,000. He deposited ₹1000 every month in general provident fund and paid an annual premium of ₹12,000 on life insurance policy. If there is no tax on income up to ₹1,50,000 and 10% tax on income above ₹1,50,000 and maximum savings permissible under all schemes are ₹1,00,000, then calculate the tax payable by him at the end of the year where the educational sub-tax is 3% of income tax

💡 Solution:

  • Gross Income = ₹3,00,000
  • Savings under 80C:
  • GPF = 1000 × 12 = ₹12,000
  • LIC = ₹12,000
  • Total Savings = ₹12,000 + ₹12,000 = ₹24,000
  • Max limit ₹1,00,000; full ₹24,000 is exempted.
  • Taxable Income = 3,00,000 – 24,000 = ₹2,76,000
  • Income Tax Calculation:
  • Up to ₹1,50,000 = NIL
  • Above ₹1,50,000 (₹2,76,000 – ₹1,50,000 = ₹1,26,000) at 10%

Income Tax = 10\% of 1,26,000 = 10/100 × 126000 = ₹12,600

  • Educational Cess (3%):

Cess = 3\% of 12,600 = 3/100 × 12600 = ₹378

  • Total Payable Tax:

12,600 + 378 = ₹12,978

  • Final Answer: Total payable income tax is ₹12,978.

Question 4

The monthly income excluding house rent allowance of…


📝 Question:

The monthly income (excluding house rent allowance) of a bank employee in the financial year 2014-2015 was ₹40,000. He deposits ₹42,000 annually in general provident fund and ₹6000 as semi-annual premium on life insurance policy. If he pays ₹1600 every month for 11 months towards income tax, then what is the amount of payable tax remaining in the last month of the year? 100% of all savings (maximum of ₹1,00,000) are tax-exempt. Tax Rates: Up to ₹2,50,000: NIL; ₹2,50,001 to ₹5,00,000: 10%; Cess = 3%

💡 Solution:

  • Gross Annual Income = 40,000 × 12 = ₹4,80,000
  • Savings under 80C:
  • GPF = ₹42,000
  • LIC = 6000 × 2 = ₹12,000
  • Total Savings = ₹42,000 + ₹12,000 = ₹54,000
  • Permissible limit ₹1,00,000; full ₹54,000 exempted.
  • Taxable Income = 4,80,000 – 54,000 = ₹4,26,000
  • Income Tax Calculation:
  • Up to ₹2,50,000 = NIL
  • On remaining (₹4,26,000 – ₹2,50,000 = ₹1,76,000) at 10%

Income Tax = 10\% of 1,76,000 = ₹17,600

  • Educational Cess (3%):

Cess = 3\% of 17,600 = ₹528

  • Total Annual Tax Payable:

17,600 + 528 = ₹18,128

  • Tax paid in first 11 months:

1600 × 11 = ₹17,600

  • Remaining Tax Due in Last Month:

18,128 – 17,600 = ₹528

  • Final Answer: Total income tax is ₹18,128 and the tax due in the last month is ₹528.

Question 5

Rajeshs total annual income in the financial year…


📝 Question:

Rajesh’s total annual income in the financial year 2012-2013 was ₹5,25,000. He deposited ₹8000 every month in general provident fund and paid an annual premium of ₹8000 on life insurance policy. If there is no tax on income up to ₹2,00,000 and 10% tax on income above ₹2,00,000 up to ₹5,00,000, and maximum savings permissible is 100% (up to ₹1,00,000), then calculate the tax payable by Rajesh at the end of the year where the educational sub-tax is 3% of income tax

💡 Solution:

  • Gross Income = ₹5,25,000
  • Savings under 80C:
  • GPF = 8000 × 12 = ₹96,000
  • LIC = ₹8,000
  • Total Savings = ₹96,000 + ₹8,000 = ₹1,04,000
  • Since maximum permissible savings exemption limit is ₹1,00,000, rebate allowed = ₹1,00,000.
  • Taxable Income = 5,25,000 – 1,00,000 = ₹4,25,000
  • Income Tax Calculation (Slabs 2012-13):
  • Up to ₹2,00,000 = NIL
  • From ₹2,00,001 to ₹4,25,000 (10% of ₹2,25,000)

Income Tax = 10\% of 2,25,000 = ₹22,500

  • Educational Cess (3%):

Cess = 3\% of 22,500 = ₹675

  • Total Payable Income Tax:

22,500 + 675 = ₹23,175

  • Final Answer: Total income tax is ₹23,175 (Income Tax = ₹22,500 + Education Cess = ₹675).

Question 6

In the financial year 20142015 the annual income…


📝 Question:

In the financial year 2014-2015, the annual income of Mrs. Bhawna (not including house rent allowance) was ₹6,00,000. She deposits ₹48,000 every year in general provident fund and ₹25,000 as annual premium on life insurance policy. If she pays ₹1500 every month for the first 11 months towards income-tax and ₹1,00,000 is allowed as savings under all saving schemes, then calculate the payable income tax due. Tax rates: Up to ₹2,50,000: NIL; ₹2,50,001 to ₹5,00,000: 10%; ₹5,00,001 to ₹10,00,000: 20%; Education Cess = 3%

💡 Solution:

  • Gross Income = ₹6,00,000
  • Savings under 80C:
  • GPF = ₹48,000
  • LIC = ₹25,000
  • Total Savings = ₹48,000 + ₹25,000 = ₹73,000
  • Limit ₹1,00,000; full ₹73,000 exempted.
  • Taxable Income = 6,00,000 – 73,000 = ₹5,27,000
  • Income Tax Calculation:
  • Up to ₹2,50,000 = NIL
  • ₹2,50,001 to ₹5,00,000 (10% of ₹2,50,000) = ₹25,000
  • ₹5,00,001 to ₹5,27,000 (20% of ₹27,000)

20\% of 27,000 = ₹5400

  • Basic Income Tax = ₹25,000 + ₹5400 = ₹30,400
  • Educational Cess (3%):

Cess = 3\% of 30,400 = ₹912

  • Total Annual Tax:

30,400 + 912 = ₹31,312

  • Tax paid in first 11 months:

1500 × 11 = ₹16,500

  • Remaining Tax Due:

31,312 – 16,500 = ₹14,812

  • Final Answer: Total income tax is ₹31,312 (Basic Tax = ₹30,400 + Sub-tax = ₹912) and the tax due remaining is ₹14,812.

Question 7

An officers annual income excluding house rent allowance…


📝 Question:

An officer’s annual income (excluding house rent allowance) in the financial year 2012-2013 is ₹7,20,000. She deposits ₹3000 every month towards premium on life insurance policy, ₹4000 every month in general provident fund and also purchased a national savings certificate worth ₹30,000. She donated ₹20,000 to an orphanage and 50% of this donation is eligible for tax rebate. If a maximum of ₹1,00,000 can be invested in any type of savings to qualify for tax rebate, then calculate the tax she has to pay at the end of the year. Tax rates: Up to ₹2,00,000: NIL; ₹2,00,001 to ₹5,00,000: 10%; ₹5,00,001 to ₹10,00,000: 20%; Cess = 3%

💡 Solution:

  • Gross Income = ₹7,20,000
  • Donation Deduction: 50% of ₹20,000 = ₹10,000
  • Income after Donation: 7,20,000 – 10,000 = ₹7,10,000
  • Savings under 80C:
  • LIC = 3000 × 12 = ₹36,000
  • GPF = 4000 × 12 = ₹48,000
  • NSC = ₹30,000
  • Total Savings = ₹36,000 + ₹48,000 + ₹30,000 = ₹1,14,000
  • Maximum permissible rebate limit = ₹1,00,000.
  • Taxable Income = 7,10,000 – 1,00,000 = ₹6,10,000
  • Income Tax Calculation:
  • Up to ₹2,00,000 = NIL
  • ₹2,00,001 to ₹5,00,000 (10% of ₹3,00,000) = ₹30,000
  • ₹5,00,001 to ₹6,10,000 (20% of ₹1,10,000)

20\% of 1,10,000 = ₹22,000

  • Basic Income Tax = ₹30,000 + ₹22,000 = ₹52,000
  • Educational Cess (3%):

Cess = 3\% of 52,000 = ₹1560

  • Total Payable Tax:

52,000 + 1560 = ₹53,560

  • Final Answer: Total income tax is ₹53,560 (Basic Tax = ₹52,000 + Education Cess = ₹1,560).


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