Difference between simple interest and compound interest compounded annually on a certain sum of mon

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6.Interest

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The difference between simple interest and compound interest compounded annually on a certain sum of money for $2$ years at $4 \%$ per annum is ₹ $1 .$ The sum (in ₹) is

A

$625$

B

$630$

C

$640$

D

$650$

Solution

Let the sum be $P$.

$P\left[\left(1+\frac{4}{100}\right)^{2}-1\right]-P \times \frac{2 \times 4}{100}=1$

$P\left[\left(\frac{26}{25}\right)^{2}-1-\frac{2}{25}\right]=1$

$P=\frac{1 \times(25)^{2}}{(26)^{2}-(25)^{2}-50}=\frac{(25)^{2}}{(51) 1-50}=(25)^{2}=₹ 625$

Standard 13

Quantitative Aptitude

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