If the compound interest on a certain sum for 2 years at 12% per annum is Rs. 1590, find the simple interest on the same sum at the same rate for the same period. MCQ with Answer and Explanation
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Question #1
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What sum will produce Rs. 204 as compound interest in 2 years at 4% per annum?
Correct Answer: Option B
Explanation:
P = 204 / 0.0816 = 2500.
P = 204 / 0.0816 = 2500.
This question belongs to:
Maths
Compound Interest
Question #2
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At what rate percent per annum will Rs. 40000 amount to Rs. 48400 in 2 years, compound interest compounded annually?
Correct Answer: Option C
Explanation:
Amount/Principal = 48400 / 40000 = 121 / 100 = (11 / 10)^2. Therefore, 1 + R/100 = 11/10 => R/100 = 1/10 => R = 10%.
Amount/Principal = 48400 / 40000 = 121 / 100 = (11 / 10)^2. Therefore, 1 + R/100 = 11/10 => R/100 = 1/10 => R = 10%.
This question belongs to:
Maths
Compound Interest
Question #3
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A sum of money becomes Rs. 24200 in 2 years and Rs. 26620 in 3 years at compound interest compounded annually. Find the sum.
Correct Answer: Option A
Explanation:
Rate of interest = ((26620 - 24200) / 24200) * 100 = (2420 / 24200) * 100 = 10%. Principal P = 24200 / (1 + 10/100)^2 = 24200 / 1.21 = Rs. 20000.
Rate of interest = ((26620 - 24200) / 24200) * 100 = (2420 / 24200) * 100 = 10%. Principal P = 24200 / (1 + 10/100)^2 = 24200 / 1.21 = Rs. 20000.
This question belongs to:
Maths
Compound Interest
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