A sum of money placed at compound interest doubles itself in 5 years. In how many years will it amount to eight times itself? MCQ with Answer and Explanation
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Question #1
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The compound interest on a sum for 2 years at 4% is Rs. 408. The sum is:
Correct Answer: Option A
Explanation:
CI = P[(1.04)² − 1] = P × 0.0816 = 408 ⇒ P = 5000.
CI = P[(1.04)² − 1] = P × 0.0816 = 408 ⇒ P = 5000.
This question belongs to:
Maths
Compound Interest
Question #2
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At compound interest, if a sum becomes 8 times in 3 years, what is the rate of interest?
Correct Answer: Option D
Explanation:
(1+r)³ = 8 ⇒ 1+r = 2 ⇒ r = 100%.
(1+r)³ = 8 ⇒ 1+r = 2 ⇒ r = 100%.
This question belongs to:
Maths
Compound Interest
Question #3
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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
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