A sum of money at compound interest becomes 3 times in 5 years. In how many years will it become 9 times? MCQ with Answer and Explanation
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Question #1
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The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is Rs. 93. Find the sum.
Correct Answer: Option C
Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100). Given 93 = P * (10/100)^2 * (3 + 10/100) => 93 = P * (1/100) * (3.1) => 93 = P * 0.031 => P = 93 / 0.031 = Rs. 3000.
Difference for 3 years = P * (R/100)^2 * (3 + R/100). Given 93 = P * (10/100)^2 * (3 + 10/100) => 93 = P * (1/100) * (3.1) => 93 = P * 0.031 => P = 93 / 0.031 = Rs. 3000.
This question belongs to:
Maths
Compound Interest
Question #2
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At what rate percent compound interest will Rs. 5000 amount to Rs. 5618 in 2 years?
Correct Answer: Option B
Explanation:
5000(1+r)² = 5618 ⇒ (1+r)² = 1.1236 = (1.06)² ⇒ r = 6%.
5000(1+r)² = 5618 ⇒ (1+r)² = 1.1236 = (1.06)² ⇒ r = 6%.
This question belongs to:
Maths
Compound Interest
Question #3
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The difference between CI and SI on Rs. 1000 for 2 years at 10% is:
Correct Answer: Option A
Explanation:
D = 1000 × 0.01 = Rs. 10.
D = 1000 × 0.01 = Rs. 10.
This question belongs to:
Maths
Compound Interest
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