At what rate percent compound interest will Rs. 6400 amount to Rs. 7744 in 2 years? MCQ with Answer and Explanation
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Question #1
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A sum of money amounts to Rs. 6690 after 3 years and to Rs. 10035 after 6 years on compound interest. Find the sum.
Correct Answer: Option A
Explanation:
Let the principal be P and expansion factor over 3 years be x. P * x = 6690 and P * x^2 = 10035. Therefore, x = 10035 / 6690 = 1.5. Principal P = 6690 / 1.5 = Rs. 4460.
Let the principal be P and expansion factor over 3 years be x. P * x = 6690 and P * x^2 = 10035. Therefore, x = 10035 / 6690 = 1.5. Principal P = 6690 / 1.5 = Rs. 4460.
This question belongs to:
Maths
Compound Interest
Question #2
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The difference between CI and SI on Rs. 6000 for 2 years at 5% is:
Correct Answer: Option A
Explanation:
D = 6000 × (0.05)² = 6000 × 0.0025 = Rs. 15.
D = 6000 × (0.05)² = 6000 × 0.0025 = Rs. 15.
This question belongs to:
Maths
Compound Interest
Question #3
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A sum of money doubles itself in 6 years at compound interest compounded annually. In how many years will it become 16 times of itself?
Correct Answer: Option C
Explanation:
The sum becomes 2^1 times in 6 years. It will become 16 (2^4) times in 4 * 6 = 24 years.
The sum becomes 2^1 times in 6 years. It will become 16 (2^4) times in 4 * 6 = 24 years.
This question belongs to:
Maths
Compound Interest
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