The simple interest on a sum for 2 years at 15% is Rs. 600. The compound interest on the same sum for 2 years at 15% is: MCQ with Answer and Explanation
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Question #1
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A sum of money amounts to Rs. 6690 after 3 years and to Rs. 10035 after 6 years on compound interest. Find the sum.
Correct Answer: Option B
Explanation:
Let the principal be P and expansion factor over 3 years be x. P * x = 6690 and P * x^2 = 10035. Therefore, x = 10035 / 6690 = 1.5. Principal P = 6690 / 1.5 = Rs. 4460.
Let the principal be P and expansion factor over 3 years be x. P * x = 6690 and P * x^2 = 10035. Therefore, x = 10035 / 6690 = 1.5. Principal P = 6690 / 1.5 = Rs. 4460.
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 8 times of itself?
Correct Answer: Option C
Explanation:
The sum becomes 2^1 times in 5 years. It will become 8 (2^3) times in 3 * 5 = 15 years.
The sum becomes 2^1 times in 5 years. It will become 8 (2^3) times in 3 * 5 = 15 years.
This question belongs to:
Maths
Compound Interest
Question #3
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A sum of money at compound interest triples in 8 years. In how many years will it become 9 times?
Correct Answer: Option B
Explanation:
3 times in 8 years, 9 = 3² ⇒ 8 × 2 = 16 years.
3 times in 8 years, 9 = 3² ⇒ 8 × 2 = 16 years.
This question belongs to:
Maths
Compound Interest
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