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

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,

C.I. = \(\left[x\left(1\frac{4}{100}\right)^{2}-x\right] = \left(\frac{676}{925}x-x\right) = \frac{51}{625}x.\)

S.I. = \(\left(\frac{x\times4\times2}{100}\right)= \frac{2x}{25.}\)

So, \(\frac{51x}{625}-\frac{2x}{25}=1\)

x=625.

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