The difference between simple and compound interests compounded annually on a c

Question

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?

Options:

A . 625

B . 630

C . 640

D . 650

Answer: Option A

Let the sum be Rs. x. Then, [x (1 + 4/100)² - x] = (676/625 x - x) = 51/625 xS.I. = (x * 4 * 2)/100 = 2x/2551x/625 - 2x/25 = 1 or x = 625.

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