If the simple interest on a sum of money for 2 years at 5% per annum is Rs. 50, what will be the compound interest on the same sum at the same rate for the same time? MCQ with Answer and Explanation
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Question #1
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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 16 times of itself?
Correct Answer: Option D
Explanation:
The sum becomes 2^1 times in 5 years. It will become 16 (2^4) times in 4 * 5 = 20 years.
The sum becomes 2^1 times in 5 years. It will become 16 (2^4) times in 4 * 5 = 20 years.
This question belongs to:
Maths
Compound Interest
Question #2
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The simple interest on a sum for 3 years at 10% is Rs. 900. The compound interest on the same sum for 2 years at 10% is:
Correct Answer: Option A
Explanation:
P = 90000/(10×3) = 3000. CI = 3000 × 0.21 = 630.
P = 90000/(10×3) = 3000. CI = 3000 × 0.21 = 630.
This question belongs to:
Maths
Compound Interest
Question #3
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What sum will amount to Rs. 13310 in 3 years at 10% per annum compound interest?
Correct Answer: Option C
Explanation:
P = 13310 / (1.1)³ = 13310 / 1.331 = 10000.
P = 13310 / (1.1)³ = 13310 / 1.331 = 10000.
This question belongs to:
Maths
Compound Interest
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