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If the simple interest on a sum of money for 2 years at 5% per annum is Rs. 50, what is the compound interest on the same at the same rate and for the same time?

Rs. 51.25
Rs. 52
Rs. 54.25
Rs. 60

Correct Answer: Rs. 51.25

Explanation:

Sum = Rs.	❨	50 x 100	❩	= Rs. 500.
		2 x 5

Amount

= Rs.	[	500 x	❨	1 +	5	❩	2	]
					100

= Rs.	❨	500 x	21	x	21	❩
			20		20

= Rs. 551.25

∴ C.I. = Rs. (551.25 - 500) = Rs. 51.25

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