The difference between simple interest and compound interest on a certain sum of money for 2 years at 8% per annum is Rs. 128. Find the sum. MCQ with Answer and Explanation
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Question #1
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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 B
Explanation:
Rate = (6655/6050 − 1)×100 = 10%.
Rate = (6655/6050 − 1)×100 = 10%.
This question belongs to:
Maths
Compound Interest
Question #2
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At what rate percent will a sum of Rs. 4000 amount to Rs. 4410 in 2 years at compound interest?
Correct Answer: Option D
Explanation:
4000(1+r)² = 4410 ⇒ (1+r)² = 1.1025 = (1.05)² ⇒ r = 5%.
4000(1+r)² = 4410 ⇒ (1+r)² = 1.1025 = (1.05)² ⇒ r = 5%.
This question belongs to:
Maths
Compound Interest
Question #3
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A sum of money invested at compound interest doubles itself in 4 years. In how many years will it become 16 times itself?
Correct Answer: Option C
Explanation:
The sum doubles (2^1) in 4 years. It will become 16 (2^4) times in 4 * 4 = 16 years.
The sum doubles (2^1) in 4 years. It will become 16 (2^4) times in 4 * 4 = 16 years.
This question belongs to:
Maths
Compound Interest
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