The difference between simple interest and compound interest on a certain sum of money for 3 years at 5% per annum is Rs. 244. Find the sum. MCQ with Answer and Explanation
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Question #1
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A sum of money invested at compound interest doubles itself in 13 years. In how many years will it become 4 times of itself?
Correct Answer: Option D
Explanation:
The sum doubles (2^1) in 13 years. It will become 4 (2^2) times in 2 * 13 = 26 years.
The sum doubles (2^1) in 13 years. It will become 4 (2^2) times in 2 * 13 = 26 years.
This question belongs to:
Maths
Compound Interest
Question #2
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Find the compound interest on Rs. 1600 at 10% per annum for 2 years if the interest is compounded annually.
Correct Answer: Option B
Explanation:
A = 1600 × (1.1)² = 1600 × 1.21 = 1936, CI = 1936 − 1600 = Rs. 336.
A = 1600 × (1.1)² = 1600 × 1.21 = 1936, CI = 1936 − 1600 = Rs. 336.
This question belongs to:
Maths
Compound Interest
Question #3
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Find the compound interest on Rs. 19600 at 10% per annum for 2 years.
Correct Answer: Option A
Explanation:
A = 19600 × 1.21 = 23716, CI = 23716 − 19600 = Rs. 4116.
A = 19600 × 1.21 = 23716, CI = 23716 − 19600 = Rs. 4116.
This question belongs to:
Maths
Compound Interest
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