The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is Rs. 155. Find the sum. MCQ with Answer and Explanation
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Question #1
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The compound interest on a sum for 2 years at 9% is Rs. 376.20. The sum is:
Correct Answer: Option C
Explanation:
CI = P × 0.1881 = 376.20 ⇒ P = 2000.
CI = P × 0.1881 = 376.20 ⇒ P = 2000.
This question belongs to:
Maths
Compound Interest
Question #2
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At what rate will Rs. 8000 amount to Rs. 9261 in 3 years at compound interest?
Correct Answer: Option D
Explanation:
8000(1+r)³ = 9261 ⇒ (1+r)³ = 1.157625 = (1.05)³ ⇒ r = 5%.
8000(1+r)³ = 9261 ⇒ (1+r)³ = 1.157625 = (1.05)³ ⇒ r = 5%.
This question belongs to:
Maths
Compound Interest
Question #3
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In how many years will Rs. 2000 amount to Rs. 2420 at 10% per annum compound interest, compounded annually?
Correct Answer: Option C
Explanation:
Amount/Principal = 2420 / 2000 = 121 / 100 = (11 / 10)^2. Since the annual rate is 10%, expansion factor is 11/10. Therefore, time = 2 years.
Amount/Principal = 2420 / 2000 = 121 / 100 = (11 / 10)^2. Since the annual rate is 10%, expansion factor is 11/10. Therefore, time = 2 years.
This question belongs to:
Maths
Compound Interest
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