A sum of money at compound interest becomes 2.25 times in 2 years. The rate of interest is: MCQ with Answer and Explanation
Question
Report Error
Discuss this Question (0)
Practice More Compound Interest Questions
Question #1
Report Error
The difference between CI and SI on Rs. 3200 for 2 years at 5% is:
Correct Answer: Option A
Explanation:
D = 3200 × (0.05)² = 3200 × 0.0025 = Rs. 8.
D = 3200 × (0.05)² = 3200 × 0.0025 = Rs. 8.
This question belongs to:
Maths
Compound Interest
Question #2
Report Error
In how many years will Rs. 1500 amount to Rs. 1815 at 10% per annum compound interest?
Correct Answer: Option B
Explanation:
1500(1.1)^t = 1815 ⇒ (1.1)^t = 1.21 ⇒ t = 2.
1500(1.1)^t = 1815 ⇒ (1.1)^t = 1.21 ⇒ t = 2.
This question belongs to:
Maths
Compound Interest
Question #3
Report Error
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 A
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
No comments yet. Be the first to start the discussion!