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Question
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
MCQ
Solution
₹625
Explanation :
Let the sum be ₹x. Then,
x = `1(100/4)^2` ⇒ x = ₹625
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Simple and Compound Interest (Entrance Exam)
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