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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:

625
630
640
650

Correct Answer: 625

Explanation:

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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