Aptitude Hack#104(7-6-19)

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:

A. 625
B. 630
C. 640
D. 650

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Compound Interest

Compound Interest

While calculating compound interest, the simple interest which is calculated for the
principal of the first year will add to the principle which we have taken already. The addition of this amount will be the principle for the next year. For this amount
simple is calculated for the second year and added to the principal for the second year. It will go on an increase like this. Finally, the principal is subtracted from last year amount. The result of this subtraction gives compound
interest. It is denoted by Cl.

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