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    Question

    The difference between compound and simple interest on a

    sum of money for 2 years at 4% per annum is Rs. 626. The sum is:
    A 3,89,600 Correct Answer Incorrect Answer
    B 3,96,080 Correct Answer Incorrect Answer
    C 3,75,600 Correct Answer Incorrect Answer
    D 3,91,250 Correct Answer Incorrect Answer

    Solution

    Difference of compound interest and simple interest for 2 years = P(R/100)2 = P (4/100)2 ⇒ 626 = P (1/625) ⇒ P = 626 × 625 = Rs. 3,91,250

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