The compound interest on Rs. 7800 at 10% per annum for 2 years is: MCQ with Answer and Explanation
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Question #1
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The compound interest on a certain sum of money for 2 years at 5% per annum is Rs. 1025. What would be the simple interest on the same sum at the same rate for the same time?
Correct Answer: Option C
Explanation:
Effective rate of compound interest for 2 years at 5% = 5 + 5 + (55)/100 = 10.25%. Simple interest rate = 5 * 2 = 10%. Given 10.25% of sum = 1025 => 1% of sum = 100. Simple Interest = 10% of sum = 10 * 100 = Rs. 1000.
Effective rate of compound interest for 2 years at 5% = 5 + 5 + (55)/100 = 10.25%. Simple interest rate = 5 * 2 = 10%. Given 10.25% of sum = 1025 => 1% of sum = 100. Simple Interest = 10% of sum = 10 * 100 = Rs. 1000.
This question belongs to:
Maths
Compound Interest
Question #2
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The compound interest on a sum for 2 years at 8% per annum is Rs. 332.80. Find the sum.
Correct Answer: Option C
Explanation:
CI = P[(1.08)² − 1] = P × 0.1664 = 332.80 ⇒ P = 332.80 / 0.1664 = 2000.
CI = P[(1.08)² − 1] = P × 0.1664 = 332.80 ⇒ P = 332.80 / 0.1664 = 2000.
This question belongs to:
Maths
Compound Interest
Question #3
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A sum of money at compound interest becomes Rs. 6050 in 2 years and Rs. 6655 in 3 years. Find the rate.
Correct Answer: Option D
Explanation:
Rate = (6655/6050 − 1)×100 = 10%.
Rate = (6655/6050 − 1)×100 = 10%.
This question belongs to:
Maths
Compound Interest
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