The compound interest on Rs. 3900 at 10% per annum for 2 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. 310. Find the sum.
Correct Answer: Option A
Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 310 = P * (10/100)^2 * (3 + 10/100) => 310 = P * (1/100) * (3.1) => P = 310 / 0.031 = Rs. 10000.
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 310 = P * (10/100)^2 * (3 + 10/100) => 310 = P * (1/100) * (3.1) => P = 310 / 0.031 = Rs. 10000.
This question belongs to:
Maths
Compound Interest
Question #2
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The compound interest on a certain sum for 2 years at 4% per annum is Rs. 816. Find the principal sum.
Correct Answer: Option D
Explanation:
Effective rate of compound interest for 2 years at 4% = 4 + 4 + (44)/100 = 8.16%. Given 8.16% of P = 816 => P = 816 / 0.0816 = Rs. 10000.
Effective rate of compound interest for 2 years at 4% = 4 + 4 + (44)/100 = 8.16%. Given 8.16% of P = 816 => P = 816 / 0.0816 = Rs. 10000.
This question belongs to:
Maths
Compound Interest
Question #3
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A sum of money doubles itself at compound interest in 8 years. In how many years will it become 16 times?
Correct Answer: Option A
Explanation:
2 times in 8 years, 16 = 2⁴, so 8 × 4 = 32 years.
2 times in 8 years, 16 = 2⁴, so 8 × 4 = 32 years.
This question belongs to:
Maths
Compound Interest
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