At what rate percent compound interest will Rs. 4000 amount to Rs. 4630.50 in 3 years? MCQ with Answer and Explanation
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Question #1
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The difference between CI and SI on Rs. 4100 for 2 years at 5% is:
Correct Answer: Option B
Explanation:
D = 4100 × 0.0025 = Rs. 10.25.
D = 4100 × 0.0025 = Rs. 10.25.
This question belongs to:
Maths
Compound Interest
Question #2
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A sum of money placed at compound interest becomes double of itself in 5 years. In how many years will it become 64 times of itself?
Correct Answer: Option C
Explanation:
The sum becomes 2^1 times in 5 years. It will become 64 (2^6) times in 6 * 5 = 30 years.
The sum becomes 2^1 times in 5 years. It will become 64 (2^6) times in 6 * 5 = 30 years.
This question belongs to:
Maths
Compound Interest
Question #3
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The compound interest on a certain sum of money for 2 years at 5% per annum is Rs. 615. What would be the simple interest on the same sum at the same rate for the same time?
Correct Answer: Option C
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 = 615 => 1% of sum = 60. Simple Interest = 10% of sum = 10 * 60 = Rs. 600.
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 = 615 => 1% of sum = 60. Simple Interest = 10% of sum = 10 * 60 = Rs. 600.
This question belongs to:
Maths
Compound Interest
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