The difference between CI and SI on Rs. 8400 for 2 years at 5% is: MCQ with Answer and Explanation
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Question #1
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The compound interest on a certain sum for 2 years at 10% per annum is Rs. 630. Find the principal sum.
Correct Answer: Option A
Explanation:
Effective rate of compound interest for 2 years at 10% = 10 + 10 + (1010)/100 = 21%. Given 21% of P = 630 => P = 630 / 0.21 = Rs. 3000.
Effective rate of compound interest for 2 years at 10% = 10 + 10 + (1010)/100 = 21%. Given 21% of P = 630 => P = 630 / 0.21 = Rs. 3000.
This question belongs to:
Maths
Compound Interest
Question #2
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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 128 times of itself?
Correct Answer: Option B
Explanation:
The sum becomes 2^1 times in 5 years. It will become 128 (2^7) times in 7 * 5 = 35 years.
The sum becomes 2^1 times in 5 years. It will become 128 (2^7) times in 7 * 5 = 35 years.
This question belongs to:
Maths
Compound Interest
Question #3
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Find the compound interest on Rs. 24000 at 5% per annum for 2 years.
Correct Answer: Option D
Explanation:
A = 24000 × 1.1025 = 26460, CI = 26460 − 24000 = Rs. 2460.
A = 24000 × 1.1025 = 26460, CI = 26460 − 24000 = Rs. 2460.
This question belongs to:
Maths
Compound Interest
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