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A sum of money invested at compound inte...

A sum of money invested at compound interest amounts to Rs. 650 at the end of first year and Rs. 676 at the end of second year. The sum of money is:

A

1300

B

650

C

1250

D

625

Text Solution

Verified by Experts

The correct Answer is:
D
`A_1 = P(1 + r/100)`
`A_2 = P(1 + r/100)^2`
`A_2/A_1 = 1 + r/100`
implies `676/650 = 1 + r/100`
`therefore` `P = (650 xx 650)/676`
`implies` P = `422500/676 = Rs 625`
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