A sum of money invested at compound interest doubles itself in 12 years. In how many years will it become 4 times of itself? MCQ with Answer and Explanation
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Question #1
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The difference between CI and SI on Rs. 5800 for 2 years at 5% is:
Correct Answer: Option C
Explanation:
D = 5800 × 0.0025 = Rs. 14.50.
D = 5800 × 0.0025 = Rs. 14.50.
This question belongs to:
Maths
Compound Interest
Question #2
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A sum of money yields a compound interest of Rs. 205 in 2 years at 5% per annum. Find the principal sum.
Correct Answer: Option B
Explanation:
Effective rate of compound interest for 2 years at 5% = 5 + 5 + (55)/100 = 10.25%. Given 10.25% of P = 205 => P = 205 / 0.1025 = Rs. 2000.
Effective rate of compound interest for 2 years at 5% = 5 + 5 + (55)/100 = 10.25%. Given 10.25% of P = 205 => P = 205 / 0.1025 = Rs. 2000.
This question belongs to:
Maths
Compound Interest
Question #3
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A sum of money at compound interest becomes 3 times in 5 years. In how many years will it become 9 times?
Correct Answer: Option C
Explanation:
3 times in 5 years; 9 = 3² ⇒ 5 × 2 = 10 years.
3 times in 5 years; 9 = 3² ⇒ 5 × 2 = 10 years.
This question belongs to:
Maths
Compound Interest
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