The compound interest on a certain sum for 2 years at 10% per annum is Rs. 441. Find the principal sum. MCQ with Answer and Explanation
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Question #1
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Find the principal that yields a compound interest of Rs. 410 in 2 years at 5% per annum.
Correct Answer: Option D
Explanation:
CI = P[(1.05)² − 1] = P × 0.1025 = 410 ⇒ P = 410 / 0.1025 = 4000.
CI = P[(1.05)² − 1] = P × 0.1025 = 410 ⇒ P = 410 / 0.1025 = 4000.
This question belongs to:
Maths
Compound Interest
Question #2
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A sum of money placed at compound interest doubles itself in 5 years. In how many years will it amount to eight times itself?
Correct Answer: Option A
Explanation:
A sum becomes 2 times in 5 years. It will become 4 (2^2) times in 2 * 5 = 10 years. It will become 8 (2^3) times in 3 * 5 = 15 years.
A sum becomes 2 times in 5 years. It will become 4 (2^2) times in 2 * 5 = 10 years. It will become 8 (2^3) times in 3 * 5 = 15 years.
This question belongs to:
Maths
Compound Interest
Question #3
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The compound interest on a sum for 3 years at 5% is Rs. 788.125. The sum is:
Correct Answer: Option D
Explanation:
CI = P[(1.05)³ − 1] = P × 0.157625 = 788.125 ⇒ P = 788.125 / 0.157625 = 5000.
CI = P[(1.05)³ − 1] = P × 0.157625 = 788.125 ⇒ P = 788.125 / 0.157625 = 5000.
This question belongs to:
Maths
Compound Interest
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