Multiple choice

The difference between compound interest and simple interest on certain sum at 10% per annum for 2 years is Rs.623. What is the sum? एक निश्चित धनराशि पर दो वर्षों में 10% वार्षिक ब्याज की दर से चक्रवृद्धि ब्याज और साधारण ब्याज में अन्तर 623 रु. है | राशि क्या है ?

  1. Rs./रु.62300

  2. Rs./रु.63100

  3. Rs./रु.64100

  4. Rs./रु.64400
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A Correct answer
Explanation

For 2 years at 10%, the difference between CI and SI is P(r/100)² where P is principal and r is rate. So 623 = P(10/100)² = P(0.01). Therefore P = 623/0.01 = 62300. This formula works because CI - SI for 2 years equals the interest on the first year's simple interest for one year.

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