A sum of money placed at compound interest triples itself in 5 years. In how many years will it become 9 times of itself? MCQ with Answer and Explanation
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Question #1
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The compound interest on a certain sum for 2 years at 5% per annum is Rs. 410. Find the simple interest on the same sum at the same rate for the same time.
Correct Answer: Option B
Explanation:
Effective rate of compound interest for 2 years at 5% = 5 + 5 + (55)/100 = 10.25%. Simple interest rate = 5 * 2 = 10%. Given 10.25% of sum = 410 => 1% of sum = 40. Simple Interest = 10% of sum = 10 * 40 = Rs. 400.
Effective rate of compound interest for 2 years at 5% = 5 + 5 + (55)/100 = 10.25%. Simple interest rate = 5 * 2 = 10%. Given 10.25% of sum = 410 => 1% of sum = 40. Simple Interest = 10% of sum = 10 * 40 = Rs. 400.
This question belongs to:
Maths
Compound Interest
Question #2
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In how many years will Rs. 1000 amount to Rs. 1157.625 at 5% per annum compound interest?
Correct Answer: Option B
Explanation:
1000(1.05)^t = 1157.625 ⇒ (1.05)^t = 1.157625 = (1.05)³ ⇒ t = 3.
1000(1.05)^t = 1157.625 ⇒ (1.05)^t = 1.157625 = (1.05)³ ⇒ t = 3.
This question belongs to:
Maths
Compound Interest
Question #3
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A sum of money becomes 2 times in 4 years at compound interest. In how many years will it become 8 times?
Correct Answer: Option D
Explanation:
2 times in 4 years; 8 = 2³, so 4 × 3 = 12 years.
2 times in 4 years; 8 = 2³, so 4 × 3 = 12 years.
This question belongs to:
Maths
Compound Interest
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