A sum of money at compound interest doubles in 9 years. In how many years will it become 4 times? MCQ with Answer and Explanation
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Question #1
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A sum of money at compound interest becomes 7 times in 3 years. In how many years will it become 343 times?
Correct Answer: Option C
Explanation:
343 = 7³, so 3 × 3 = 9 years.
343 = 7³, so 3 × 3 = 9 years.
This question belongs to:
Maths
Compound Interest
Question #2
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A certain sum amounts to Rs. 2205 in 2 years at 5% compound interest. The sum is:
Correct Answer: Option B
Explanation:
P = 2205 / (1.05)² = 2205 / 1.1025 = 2000.
P = 2205 / (1.05)² = 2205 / 1.1025 = 2000.
This question belongs to:
Maths
Compound Interest
Question #3
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The compound interest on a certain sum of money for 2 years at 5% per annum is Rs. 1025. 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 5% = 5 + 5 + (55)/100 = 10.25%. Simple interest rate = 5 * 2 = 10%. Given 10.25% of sum = 1025 => 1% of sum = 100. Simple Interest = 10% of sum = 10 * 100 = Rs. 1000.
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 = 1025 => 1% of sum = 100. Simple Interest = 10% of sum = 10 * 100 = Rs. 1000.
This question belongs to:
Maths
Compound Interest
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