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Compound Interest

Q1: The difference between simple and compound interests compounded annually on a certain sum of money for 2 years at 4% per annum is Re. 1. The sum (in Rs.) is:

A 625

B 630

C 640

D 650

ANS:A - 625

Let the sum be Rs. x. Then,

C.I. = x 1 + 4 2 - x = 676 x - x = 51 x.
100 625 625
S.I. = x x 4 x 2 = 2x .
100 25
51x - 2x = 1
625 25
 x = 625.



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