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The Difference Between Simple and Compound Interests Compounded Annually on a Certain Sum of Money for 2 Yr at 4% per Annum is ₹1. the Sum (In₹) is - Mathematics

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MCQ

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

Options

  • ₹625

  • ₹630

  • ₹640

  • ₹650

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Solution

₹625
Explanation : 
Let the sum be ₹x. Then,

x = `1(100/4)^2` ⇒ x = ₹625

 

 

Concept: Simple and Compound Interest
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