A sum of money at compound interest becomes 9 times in 2 years. In how many years will it become 81 times? MCQ with Answer and Explanation
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Question #1
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The difference between CI and SI on Rs. 6900 for 2 years at 10% is:
Correct Answer: Option C
Explanation:
D = 6900 × 0.01 = Rs. 69.
D = 6900 × 0.01 = Rs. 69.
This question belongs to:
Maths
Compound Interest
Question #2
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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. 124. Find the sum.
Correct Answer: Option B
Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 124 = P * (10/100)^2 * (3 + 10/100) => 124 = P * (1/100) * (3.1) => 124 = P * 0.031 => P = 124 / 0.031 = Rs. 4000.
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 124 = P * (10/100)^2 * (3 + 10/100) => 124 = P * (1/100) * (3.1) => 124 = P * 0.031 => P = 124 / 0.031 = Rs. 4000.
This question belongs to:
Maths
Compound Interest
Question #3
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What is the principal if the amount after 2 years at 10% compound interest is Rs. 12100?
Correct Answer: Option A
Explanation:
P = 12100 / (1.1)² = 12100 / 1.21 = 10000.
P = 12100 / (1.1)² = 12100 / 1.21 = 10000.
This question belongs to:
Maths
Compound Interest
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