A sum of money placed at compound interest becomes double of itself in 4 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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The difference between simple interest and compound interest on a certain sum of money for 2 years at 10% per annum is Rs. 100. Find the sum.
Correct Answer: Option B
Explanation:
Difference for 2 years = P * (R/100)^2 => 100 = P * (10/100)^2 => 100 = P * 0.01 => P = Rs. 10000.
Difference for 2 years = P * (R/100)^2 => 100 = P * (10/100)^2 => 100 = P * 0.01 => P = Rs. 10000.
This question belongs to:
Maths
Compound Interest
Question #2
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The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is Rs. 186. Find the sum.
Correct Answer: Option C
Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 186 = P * (10/100)^2 * (3 + 10/100) => 186 = P * (1/100) * (3.1) => 186 = P * 0.031 => P = 186 / 0.031 = Rs. 6000.
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 186 = P * (10/100)^2 * (3 + 10/100) => 186 = P * (1/100) * (3.1) => 186 = P * 0.031 => P = 186 / 0.031 = Rs. 6000.
This question belongs to:
Maths
Compound Interest
Question #3
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A sum of money at compound interest becomes 10 times in 2 years. In how many years will it become 100 times?
Correct Answer: Option A
Explanation:
100 = 10², so 2 × 2 = 4 years.
100 = 10², so 2 × 2 = 4 years.
This question belongs to:
Maths
Compound Interest
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