The compound interest on Rs. 3000 at 5% per annum for 3 years is: MCQ with Answer and Explanation
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Question #1
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The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is Rs. 31. Find the sum.
Correct Answer: Option C
Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 31 = P * (10/100)^2 * (3 + 10/100) => 31 = P * (1/100) * (3.1) => 31 = P * 0.031 => P = 31 / 0.031 = Rs. 1000.
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 31 = P * (10/100)^2 * (3 + 10/100) => 31 = P * (1/100) * (3.1) => 31 = P * 0.031 => P = 31 / 0.031 = Rs. 1000.
This question belongs to:
Maths
Compound Interest
Question #2
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The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is Rs. 217. Find the sum.
Correct Answer: Option B
Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 217 = P * (10/100)^2 * (3 + 10/100) => 217 = P * (1/100) * (3.1) => 217 = P * 0.031 => P = 217 / 0.031 = Rs. 7000.
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 217 = P * (10/100)^2 * (3 + 10/100) => 217 = P * (1/100) * (3.1) => 217 = P * 0.031 => P = 217 / 0.031 = Rs. 7000.
This question belongs to:
Maths
Compound Interest
Question #3
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At what rate percent per annum will Rs. 2304 amount to Rs. 2500 in 2 years at compound interest?
Correct Answer: Option D
Explanation:
Amount/Principal = 2500 / 2304 = (50 / 48)^2 = (25 / 24)^2. Thus, 1 + R/100 = 25/24 => R/100 = 1/24 => R = 100/24 = 4.16%. Correct option is B.
Amount/Principal = 2500 / 2304 = (50 / 48)^2 = (25 / 24)^2. Thus, 1 + R/100 = 25/24 => R/100 = 1/24 => R = 100/24 = 4.16%. Correct option is B.
This question belongs to:
Maths
Compound Interest
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