A sum of money doubles in 6 years at compound interest. In how many years will it become 8 times? MCQ with Answer and Explanation
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Question #1
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The simple interest on a sum for 3 years at 6% is Rs. 540. The compound interest on the same sum for 2 years at 6% is:
Correct Answer: Option A
Explanation:
P = 54000/(6×3) = 3000. CI = 3000[(1.06)² − 1] = 3000 × 0.1236 = Rs. 370.80.
P = 54000/(6×3) = 3000. CI = 3000[(1.06)² − 1] = 3000 × 0.1236 = Rs. 370.80.
This question belongs to:
Maths
Compound Interest
Question #2
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A sum of money at compound interest amounts to Rs. 6655 in 3 years and to Rs. 7320.50 in 4 years. Find the rate of interest.
Correct Answer: Option B
Explanation:
Rate = (7320.50/6655 − 1) × 100 = (1.1 − 1) × 100 = 10%.
Rate = (7320.50/6655 − 1) × 100 = (1.1 − 1) × 100 = 10%.
This question belongs to:
Maths
Compound Interest
Question #3
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A sum of money becomes 1.44 times in 2 years at compound interest. The rate of interest is:
Correct Answer: Option A
Explanation:
(1+r)² = 1.44 ⇒ 1+r = 1.2 ⇒ r = 20%.
(1+r)² = 1.44 ⇒ 1+r = 1.2 ⇒ r = 20%.
This question belongs to:
Maths
Compound Interest
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