A sum of money placed at compound interest becomes double of itself in 4 years. In how many years will it become 32 times of itself? MCQ with Answer and Explanation
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Question #1
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The difference between simple interest and compound interest on a certain sum of money for 2 years at 9% per annum is Rs. 81. Find the sum.
Correct Answer: Option C
Explanation:
Difference for 2 years = P * (R/100)^2 => 81 = P * (9/100)^2 => 81 = P * (81 / 10000) => P = Rs. 10000.
Difference for 2 years = P * (R/100)^2 => 81 = P * (9/100)^2 => 81 = P * (81 / 10000) => P = Rs. 10000.
This question belongs to:
Maths
Compound Interest
Question #2
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A sum of money at compound interest amounts to Rs. 6500 in 1 year and to Rs. 6760 in 2 years. Find the sum.
Correct Answer: Option B
Explanation:
Rate of interest = ((6760 - 6500) / 6500) * 100 = (260 / 6500) * 100 = 4%. Principal P = 6500 / (1 + 4/100) = 6500 / 1.04 = Rs. 6250.
Rate of interest = ((6760 - 6500) / 6500) * 100 = (260 / 6500) * 100 = 4%. Principal P = 6500 / (1 + 4/100) = 6500 / 1.04 = Rs. 6250.
This question belongs to:
Maths
Compound Interest
Question #3
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The compound interest on Rs. 5900 at 10% per annum for 2 years is:
Correct Answer: Option D
Explanation:
A = 5900 × 1.21 = 7139, CI = 7139 − 5900 = Rs. 1239.
A = 5900 × 1.21 = 7139, CI = 7139 − 5900 = Rs. 1239.
This question belongs to:
Maths
Compound Interest
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