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Question Detail
In what time will Rs.1000 become Rs.1331 at 10% per annum compounded annually
- 2 Years
- 3 Years
- 4 Years
- 5 Years
Answer: Option B
Explanation:
Principal = Rs.1000;
Amount = Rs.1331;
Rate = Rs.10%p.a.
Let the time be n years then,
\begin{aligned}
1000(1+\frac{10}{100})^n = 1331 \\
(\frac{11}{10})^n = \frac{1331}{1000} \\
(\frac{11}{10})^3 = \frac{1331}{1000} \\
\end{aligned}
So answer is 3 years
1. Albert invested amount of 8000 in a fixed deposit for 2 years at compound interest rate of 5 % per annum. How much Albert will get on the maturity of the fixed deposit.
- Rs. 8510
- Rs. 8620
- Rs. 8730
- Rs. 8820
Answer: Option D
Explanation:
\begin{aligned}
=> (8000 \times(1+\frac{5}{100})^2) \\
=> 8000 \times \frac{21}{20}\times \frac{21}{20} \\
=> 8820
\end{aligned}
2. What will be the difference between simple and compound interest @ 10% per annum on the sum of Rs 1000 after 4 years
- Rs 62.10
- Rs 63.10
- Rs 64.10
- Rs 65.10
Answer: Option C
Explanation:
\begin{aligned}
S.I. = \frac{1000*10*4}{100} = 400 \\
C.I. = [1000(1+\frac{10}{100})^4 - 1000] \\
= 464.10
\end{aligned}
So difference between simple interest and compound interest will be 464.10 - 400 = 64.10
3. The difference between simple and compound interests compounded annually on a certain sum of money for 2 years at 4% per annum is Rs 1. Find the sum
- Rs 600
- Rs 625
- Rs 650
- Rs 675
Answer: Option B
Explanation:
Let the Sum be P
\begin{aligned}
S.I. = \frac{P*4*2}{100} = \frac{2P}{25}\\
C.I. = P(1+\frac{4}{100})^2 - P \\
= \frac{676P}{625} - P \\
= \frac{51P}{625} \\
\text{As, C.I. - S.I = 1}\\
=> \frac{51P}{625} - \frac{2P}{25} = 1 \\
=> \frac{51P - 50P}{625} = 1 \\
P = 625
\end{aligned}
4. Simple interest on a certain sum of money for 3 years at 8% per annum is half the compound interest on Rs. 4000 for 2 years at 10% per annum. The sum placed on simple interest is
- Rs 1650
- Rs 1750
- Rs 1850
- Rs 1950
Answer: Option B
Explanation:
\begin{aligned}
C.I. = (4000 \times(1+\frac{10}{100})^2 - 4000) \\
= 4000 * \frac{11}{10} * \frac{11}{10} - 4000 \\
= 840 \\
\text{So S.I. = } \frac{840}{2} = 420\\
\text{So Sum = } \frac{S.I. * 100}{R*T} \\
= \frac{420 * 100}{3*8} \\
= Rs 1750
\end{aligned}
5. Find the compound interest on Rs. 7500 at 4% per annum for 2 years, compounded annually.
- Rs. 610
- Rs. 612
- Rs. 614
- Rs. 616
Answer: Option B
Explanation:
\begin{aligned}
Amount = [7500 \times (1+ \frac{4}{100})^2] \\
= (7500 \times \frac{26}{25} \times \frac{26}{25}) \\
= 8112 \\
\end{aligned}
So compound interest = (8112 - 7500) = 612
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