A sum of money at compound interest becomes 8 times in 3 years. The rate of interest is: MCQ with Answer and Explanation
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Question #1
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A sum of money at compound interest becomes 9 times in 2 years. In how many years will it become 81 times?
Correct Answer: Option D
Explanation:
81 = 9², so 2 × 2 = 4 years.
81 = 9², so 2 × 2 = 4 years.
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 6% per annum is Rs. 370.80. What would be the simple interest on the same sum at the same rate for the same time?
Correct Answer: Option C
Explanation:
Effective rate of compound interest for 2 years at 6% = 6 + 6 + (66)/100 = 12.36%. Simple interest rate = 6 * 2 = 12%. Given 12.36% of sum = 370.80 => 1% of sum = 30. Simple Interest = 12% of sum = 12 * 30 = Rs. 360.
Effective rate of compound interest for 2 years at 6% = 6 + 6 + (66)/100 = 12.36%. Simple interest rate = 6 * 2 = 12%. Given 12.36% of sum = 370.80 => 1% of sum = 30. Simple Interest = 12% of sum = 12 * 30 = Rs. 360.
This question belongs to:
Maths
Compound Interest
Question #3
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The difference between CI and SI on a sum for 2 years at 10% is Rs. 60. The sum is:
Correct Answer: Option C
Explanation:
D = P × 0.01 = 60 ⇒ P = 6000.
D = P × 0.01 = 60 ⇒ P = 6000.
This question belongs to:
Maths
Compound Interest
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