A sum of money at compound interest amounts to Rs. 18150 in 2 years and Rs. 19965 in 3 years. Find the sum. MCQ with Answer and Explanation
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Question #1
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The compound interest on a certain sum of money for 2 years at 5% per annum is Rs. 164. What would be the simple interest on the same sum at the same rate for the same time?
Correct Answer: Option B
Explanation:
Effective rate of compound interest for 2 years at 5% = 5 + 5 + (55)/100 = 10.25%. Simple interest rate = 5 * 2 = 10%. Given 10.25% of sum = 164 => 1% of sum = 16. Simple Interest = 10% of sum = 10 * 16 = Rs. 160.
Effective rate of compound interest for 2 years at 5% = 5 + 5 + (55)/100 = 10.25%. Simple interest rate = 5 * 2 = 10%. Given 10.25% of sum = 164 => 1% of sum = 16. Simple Interest = 10% of sum = 10 * 16 = Rs. 160.
This question belongs to:
Maths
Compound Interest
Question #2
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What is the principal if the amount after 3 years at 5% compound interest is Rs. 2315.25?
Correct Answer: Option B
Explanation:
P = 2315.25 / (1.05)³ = 2315.25 / 1.157625 = 2000.
P = 2315.25 / (1.05)³ = 2315.25 / 1.157625 = 2000.
This question belongs to:
Maths
Compound Interest
Question #3
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The compound interest on Rs. 5400 at 10% per annum for 2 years is:
Correct Answer: Option D
Explanation:
A = 5400 × (1.1)² = 5400 × 1.21 = 6534, CI = 6534 − 5400 = Rs. 1134.
A = 5400 × (1.1)² = 5400 × 1.21 = 6534, CI = 6534 − 5400 = Rs. 1134.
This question belongs to:
Maths
Compound Interest
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