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A sum is invested at compound interest payable annually. The interest in two successive years was Rs. 500 and Rs. 540. The sum is?

Rs. 3750
Rs. 5000
Rs. 5600
Rs. 6250

Correct Answer: Rs. 6250

Explanation:

S.I. on Rs. 500 for 1 year = 540 - 500 = Rs. 40
∴ Rate = (100 x 40)/(500 x 1) = 8%
and Sum = Rs.(100 x 500)/(8 x 1) = Rs. 6250

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