Compound Interest Test

Result

Compound Interest Test - 1

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Weekly Quiz Competition

Question 1
1 / -0.25

The compound interest on a certain sum for 2 years is 41 and the simple interest is 40. What is the rate per cent?

A
4%

B
5%

C
6%

D
8%

E
Data is insufficient

Solution
Question 2
1 / -0.25

A sum of money at compound interest amounts to thrice itself in 3 years. In how many years will it be 9 times itself?

A
18 years

B
12 years

C
9 years

D
6 years

E
None of these

Solution

∵ 3 P = P (1+r/100)³

⇒ 3 = (1+r/100)³

3² = 9 = (1+r/100)^3×2

= (1+r/100)⁶

In 6 years the some will be amounts to a times of itself.
Question 3
1 / -0.25

The difference between simple and compound interest on a sum of ₹ P for 2 years at r % per annum will be:

A

B

C

D

E
None of these

Solution

Required diffrence
Question 4
1 / -0.25

A sum of money placed at compound interest doubles itself in 4 years. In how many years will it amount to eight times itself?

A
16 years

B
8 years

C
12 years

D
20 years

E
None of these

Solution

2 = (1+r/100)⁴

⇒ 2³ = 8 = (1+r/100)^4×3

i.e., 4×3 = 12 years
Question 5
1 / -0.25

The difference between the compound interest and the simple interest on a certain sum at ₹5 % per annum for 2 years is 1.50, the sum is :

A
₹600

B
₹500

C
₹400

D
₹300

E
None of these

Solution
Question 6
1 / -0.25

The difference between the compound interest and simple interest on a certain sum of money for 2 years at 10% per annum is ₹15. find the sum of money.

A
₹1,500

B
₹1,800

C
₹2,100

D
₹1,950

E
None of these

Solution

P = 15*100 = 1500
Question 7
1 / -0.25

Find the sum lent at CI at 5 % per annum will amount to ₹441 in 2 years?

A
₹400

B
₹400

C
₹375

D
₹380

E
None of these

Solution

As the rate of interest is 5% per annum and time is 2 years, our concerned fraction would be 441/400.
Question 8
1 / -0.25

The difference between simple and compound interest on a certain sum of money for 2 years at 4 % per annum is ₹1. Find the sum.

A
₹675

B
₹1,625

C
₹750

D
₹625

E
None of these

Solution
Question 9
1 / -0.25

A sum is invested at compound interest payable annually. The interest in two successive years was ₹225 and ₹236.25. Find the rate of interest.

A
5%

B
6%

C
7%

D
4%

E
None of these

Solution

Difference in interest = 236.25-225

= 11.25

This Difference is the simple interest over 225 for one year. Hence, rate of interest
Question 10
1 / -0.25

The simple interest on a sum of money for 3 years is ₹240 and the compound interest on the same sum at the same rate for 2 years is ₹170. The rate of interest is:

A

B

C
5%

D
8%

E
None of these

Solution

S.I. for one year = 240/3 = ₹ 80

S.I. for 2 years 2 × 80 = ₹ 160

Difference of CI and S.I. for 2 year

= 170 - 160 = ₹10