A sum of money amounts to Rs. 6690 after 3 years and to Rs. 10035 after 6 years on compound interest. Find the sum. MCQ with Answer and Explanation
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Question #1
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At what rate percent compound interest will a sum of Rs. 2000 become Rs. 2880 in 2 years?
Correct Answer: Option B
Explanation:
2000(1+r)² = 2880 ⇒ (1+r)² = 1.44 = (1.2)² ⇒ r = 20%.
2000(1+r)² = 2880 ⇒ (1+r)² = 1.44 = (1.2)² ⇒ r = 20%.
This question belongs to:
Maths
Compound Interest
Question #2
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The compound interest on a certain sum of money for 2 years at 8% per annum is Rs. 1248. What would be the simple interest on the same sum at the same rate for the same time?
Correct Answer: Option D
Explanation:
Effective rate of compound interest for 2 years at 8% = 8 + 8 + (88)/100 = 16.64%. Simple interest rate = 8 * 2 = 16%. Given 16.64% of sum = 1248 => 1% of sum = 75. Simple Interest = 16% of sum = 16 * 75 = Rs. 1200.
Effective rate of compound interest for 2 years at 8% = 8 + 8 + (88)/100 = 16.64%. Simple interest rate = 8 * 2 = 16%. Given 16.64% of sum = 1248 => 1% of sum = 75. Simple Interest = 16% of sum = 16 * 75 = Rs. 1200.
This question belongs to:
Maths
Compound Interest
Question #3
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The population of a city increases at the rate of 5% annually. If the present population is 185220, what was its population 3 years ago?
Correct Answer: Option D
Explanation:
Population 3 years ago = 185220 / (1 + 5/100)^3 = 185220 / (21/20)^3 = 185220 * 8000 / 9261 = 20 * 8000 = 160000.
Population 3 years ago = 185220 / (1 + 5/100)^3 = 185220 / (21/20)^3 = 185220 * 8000 / 9261 = 20 * 8000 = 160000.
This question belongs to:
Maths
Compound Interest
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