A sum of money at compound interest triples in 8 years. In how many years will it become 9 times? MCQ with Answer and Explanation
Question
Report Error
Discuss this Question (0)
Practice More Compound Interest Questions
Question #1
Report Error
A sum of money doubles itself in 8 years at compound interest. In how many years will it become four times of itself?
Correct Answer: Option A
Explanation:
The sum doubles (2^1) in 8 years. It will become 4 (2^2) times in 2 * 8 = 16 years.
The sum doubles (2^1) in 8 years. It will become 4 (2^2) times in 2 * 8 = 16 years.
This question belongs to:
Maths
Compound Interest
Question #2
Report Error
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 D
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 #3
Report Error
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 D
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
No comments yet. Be the first to start the discussion!