The simple interest on a sum for 2 years at 4% is Rs. 200. The compound interest on the same sum for 2 years at 4% is: MCQ with Answer and Explanation
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Question #1
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A sum of money becomes 2 times in 4 years at compound interest. In how many years will it become 8 times?
Correct Answer: Option D
Explanation:
2 times in 4 years; 8 = 2³, so 4 × 3 = 12 years.
2 times in 4 years; 8 = 2³, so 4 × 3 = 12 years.
This question belongs to:
Maths
Compound Interest
Question #2
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The compound interest on a certain sum of money for 2 years at 6% per annum is Rs. 370.80. What would be the simple interest on the same sum at the same rate for the same time?
Correct Answer: Option B
Explanation:
Effective rate of compound interest for 2 years at 6% = 6 + 6 + (66)/100 = 12.36%. Simple interest rate = 6 * 2 = 12%. Given 12.36% of sum = 370.80 => 1% of sum = 30. Simple Interest = 12% of sum = 12 * 30 = Rs. 360.
Effective rate of compound interest for 2 years at 6% = 6 + 6 + (66)/100 = 12.36%. Simple interest rate = 6 * 2 = 12%. Given 12.36% of sum = 370.80 => 1% of sum = 30. Simple Interest = 12% of sum = 12 * 30 = Rs. 360.
This question belongs to:
Maths
Compound Interest
Question #3
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The difference between CI and SI on Rs. 6900 for 2 years at 10% is:
Correct Answer: Option B
Explanation:
D = 6900 × 0.01 = Rs. 69.
D = 6900 × 0.01 = Rs. 69.
This question belongs to:
Maths
Compound Interest
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