Discussion :: Compound Interest
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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:
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Answer : Option A
Explanation :
Let the sum be Rs. x. Then,
C.I. =\([ X (1+(\frac { 4 } { 100 } ) ^2 -X]\)=\(( \frac { 676 } { 625 } X\)-X)=\( \frac { 51 } { 625} X\)
S.I. =\([\frac { XX4X2 } { 100 } ]\)=\( \frac { 2X } { 25 } \)
\( \frac { 51 } { 625} X\)-\( \frac { 2X } { 25 } \)=1
x = 625.
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