Varun and Madhur invested Rs. 25,000 each in different schemes. Varun earned simple interest at 11% per annum, whereas Madhur earned compound interest at 10% per annum compounded annually. Who received more interest after 2 years and how much?

1. Varun, Rs. 500

2. Madhur, Rs. 250

3. Madhur, Rs. 302.50

4. Varun, Rs. 250