A sum of money at compound interest triples in 7 years. In how many years will it become 27 times? MCQ with Answer and Explanation
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Question #1
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A sum of money at compound interest amounts to thrice itself in 3 years. In how many years will it be 9 times itself?
Correct Answer: Option C
Explanation:
The sum becomes 3 times in 3 years. It will become 3^2 = 9 times in 2 * 3 = 6 years.
The sum becomes 3 times in 3 years. It will become 3^2 = 9 times in 2 * 3 = 6 years.
This question belongs to:
Maths
Compound Interest
Question #2
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The compound interest on a certain sum for 2 years at 10% per annum is Rs. 420. What would be the simple interest on the same sum at the same rate for the same time?
Correct Answer: Option D
Explanation:
For 2 years at 10%, effective compound interest rate is 10 + 10 + (1010)/100 = 21%. Effective simple interest rate is 10 * 2 = 20%. Given 21% of sum = 420, then 1% of sum = 20. Simple Interest = 20% of sum = 20 * 20 = Rs. 400.
For 2 years at 10%, effective compound interest rate is 10 + 10 + (1010)/100 = 21%. Effective simple interest rate is 10 * 2 = 20%. Given 21% of sum = 420, then 1% of sum = 20. Simple Interest = 20% of sum = 20 * 20 = Rs. 400.
This question belongs to:
Maths
Compound Interest
Question #3
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A sum of money at compound interest becomes 8 times in 3 years. In how many years will it become 64 times?
Correct Answer: Option A
Explanation:
8 times in 3 years, 64 = 8² ⇒ 3 × 2 = 6 years.
8 times in 3 years, 64 = 8² ⇒ 3 × 2 = 6 years.
This question belongs to:
Maths
Compound Interest
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