A sum amounts to Rs. 1210 in 2 years and Rs. 1331 in 3 years at compound interest. Find the sum. MCQ with Answer and Explanation
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Question #1
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At what rate percent per annum will Rs. 5000 amount to Rs. 5832 in 2 years, compound interest compounded annually?
Correct Answer: Option D
Explanation:
Amount/Principal = 5832 / 5000 = 11664 / 10000. Taking square root: sqrt(11664/10000) = 108 / 100 = 1.08. Thus, 1 + R/100 = 1.08 => R = 8%.
Amount/Principal = 5832 / 5000 = 11664 / 10000. Taking square root: sqrt(11664/10000) = 108 / 100 = 1.08. Thus, 1 + R/100 = 1.08 => R = 8%.
This question belongs to:
Maths
Compound Interest
Question #2
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The difference between CI and SI on a certain sum for 2 years at 6% is Rs. 36. The sum is:
Correct Answer: Option A
Explanation:
D = P × (0.06)² = P × 0.0036 = 36 ⇒ P = 10000.
D = P × (0.06)² = P × 0.0036 = 36 ⇒ P = 10000.
This question belongs to:
Maths
Compound Interest
Question #3
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The simple interest on a sum for 3 years at 6% is Rs. 540. The compound interest on the same sum for 2 years at 6% is:
Correct Answer: Option C
Explanation:
P = 54000/(6×3) = 3000. CI = 3000[(1.06)² − 1] = 3000 × 0.1236 = Rs. 370.80.
P = 54000/(6×3) = 3000. CI = 3000[(1.06)² − 1] = 3000 × 0.1236 = Rs. 370.80.
This question belongs to:
Maths
Compound Interest
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