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?

A

₹5,96,000

B

₹6,40 000

C

₹6.68,000

D

₹5,60,000