A sum of money amounts to Rs. 4840 in 2 years and to Rs. 5324 in 3 years at compound interest compounded annually. Find the principal sum. MCQ with Answer and Explanation
Question
Report Error
Discuss this Question (0)
Practice More Compound Interest Questions
Question #1
Report Error
The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is Rs. 310. Find the sum.
Correct Answer: Option B
Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 310 = P * (10/100)^2 * (3 + 10/100) => 310 = P * (1/100) * (3.1) => P = 310 / 0.031 = Rs. 10000.
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 310 = P * (10/100)^2 * (3 + 10/100) => 310 = P * (1/100) * (3.1) => P = 310 / 0.031 = Rs. 10000.
This question belongs to:
Maths
Compound Interest
Question #2
Report Error
The difference between simple interest and compound interest on a certain sum of money for 2 years at 8% per annum is Rs. 128. Find the sum.
Correct Answer: Option C
Explanation:
Difference for 2 years = P * (R/100)^2 => 128 = P * (8/100)^2 => 128 = P * (64 / 10000) => P = (128 * 10000) / 64 = Rs. 20000.
Difference for 2 years = P * (R/100)^2 => 128 = P * (8/100)^2 => 128 = P * (64 / 10000) => P = (128 * 10000) / 64 = Rs. 20000.
This question belongs to:
Maths
Compound Interest
Question #3
Report Error
The difference between simple interest and compound interest on a certain sum of money for 2 years at 10% per annum is Rs. 100. Find the sum.
Correct Answer: Option C
Explanation:
Difference for 2 years = P * (R/100)^2 => 100 = P * (10/100)^2 => 100 = P * 0.01 => P = Rs. 10000.
Difference for 2 years = P * (R/100)^2 => 100 = P * (10/100)^2 => 100 = P * 0.01 => P = Rs. 10000.
This question belongs to:
Maths
Compound Interest
No comments yet. Be the first to start the discussion!