A sum of money placed at compound interest becomes double of itself in 10 years. In how many years will it become 8 times of itself? MCQ with Answer and Explanation
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Question #1
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At what rate percent compound interest will a sum of Rs. 4000 become Rs. 5324 in 3 years?
Correct Answer: Option B
Explanation:
4000(1+r)³ = 5324 ⇒ (1+r)³ = 1.331 = (1.1)³ ⇒ r = 10%.
4000(1+r)³ = 5324 ⇒ (1+r)³ = 1.331 = (1.1)³ ⇒ r = 10%.
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. 840. Find the principal sum.
Correct Answer: Option A
Explanation:
Effective rate of compound interest for 2 years at 10% = 10 + 10 + (1010)/100 = 21%. Given 21% of P = 840 => P = 840 / 0.21 = Rs. 4000.
Effective rate of compound interest for 2 years at 10% = 10 + 10 + (1010)/100 = 21%. Given 21% of P = 840 => P = 840 / 0.21 = Rs. 4000.
This question belongs to:
Maths
Compound Interest
Question #3
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Find the compound interest on Rs. 1500 at 10% per annum for 2 years.
Correct Answer: Option C
Explanation:
A = 1500 × (1.1)² = 1500 × 1.21 = 1815, CI = 1815 − 1500 = Rs. 315.
A = 1500 × (1.1)² = 1500 × 1.21 = 1815, CI = 1815 − 1500 = Rs. 315.
This question belongs to:
Maths
Compound Interest
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