The difference between simple interest and compound interest on a certain sum of money for 2 years at 9% per annum is Rs. 81. Find the sum. MCQ with Answer and Explanation
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Question #1
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What is the principal if the amount after 3 years at 5% compound interest is Rs. 2315.25?
Correct Answer: Option C
Explanation:
P = 2315.25 / (1.05)³ = 2315.25 / 1.157625 = 2000.
P = 2315.25 / (1.05)³ = 2315.25 / 1.157625 = 2000.
This question belongs to:
Maths
Compound Interest
Question #2
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A sum of money amounts to Rs. 4840 in 2 years and to Rs. 5324 in 3 years at compound interest compounded annually. Find the principal sum.
Correct Answer: Option A
Explanation:
Rate of interest = ((5324 - 4840) / 4840) * 100 = (484 / 4840) * 100 = 10%. Principal P = 4840 / (1 + 10/100)^2 = 4840 / 1.21 = Rs. 4000.
Rate of interest = ((5324 - 4840) / 4840) * 100 = (484 / 4840) * 100 = 10%. Principal P = 4840 / (1 + 10/100)^2 = 4840 / 1.21 = Rs. 4000.
This question belongs to:
Maths
Compound Interest
Question #3
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A sum of money at compound interest becomes 10 times in 2 years. In how many years will it become 100 times?
Correct Answer: Option B
Explanation:
100 = 10², so 2 × 2 = 4 years.
100 = 10², so 2 × 2 = 4 years.
This question belongs to:
Maths
Compound Interest
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