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Q:

The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period (in years) is:

A) 3years	B) 2years
C) 4years	D) 6years

Answer & Explanation Answer: B) 2years

Explanation:

Amount = Rs. (30000 + 4347) = Rs. 34347.

Let the time be n years.

Then, 30000*(1+7/100)^n=34347

n= 2 years

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Q:

What is the difference between the compound interests on Rs. 5000 for $1 \frac{1}{2}$ years at 4% per annum compounded yearly and half-yearly?

A) Rs.3.06	B) Rs.2.04
C) Rs.3.65	D) Rs.5.40

Answer & Explanation Answer: B) Rs.2.04

Explanation:

C.I. when interest compounded yearly

$R s . [5000 * (1 + \frac{4}{100}) * (1 + \frac{\frac{1}{2} * 4}{100})]$

$R s . [5000 * \frac{26}{25} * \frac{51}{50}]$

=Rs.5034

C.I. when interest iscompounded half-yearly

$R s . [5000 * {(1 + \frac{2}{100})}^{3}]$

= Rs. 5306.04

Difference = Rs. (5306.04 - 5304) = Rs. 2.04

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Q:

The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period (in years) is

A) 2years	B) 3years
C) 4years	D) 5years

Answer & Explanation Answer: A) 2years

Explanation:

Amount = Rs(30000 + 4347) = Rs.34347.

Let the time be n years. Then,

$30000 {[1 + \frac{7}{100}]}^{n} = 34347$

$\Leftrightarrow$ ${(\frac{107}{100})}^{n} = \frac{34347}{30000} = \frac{11449}{10000} = {(\frac{107}{100})}^{2}$

n= 2years.

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Q:

If the simple interest on a sum of money at 5% per annum for 3 years is Rs. 1200, find the compound interest on the same sum for the same period at the same rate.

A) Rs.1251	B) Rs.1261
C) Rs.1271	D) Rs,1281

Answer & Explanation Answer: B) Rs.1261

Explanation:

Clearly, Rate = 5% p.a .,

Time = 3 years

S.I =Rs.1200.

So,Principal

=Rs.(100 x 1200/3x5)

=Rs.8000.

Amount

=Rs.[8000 x (1+5/100)³]

=Rs(8000x21/20x21/20x21/20)

= Rs.9261

C.I

=Rs.(9261-8000)

=Rs.1261.

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Q:

In what time will Rs.1000 become Rs.1331 at 10% per annum compounded annually?

A) 2years	B) 3years
C) 4years	D) 5years

Answer & Explanation Answer: B) 3years

Explanation:

Principal = Rs.1000;

Amount = Rs.1331;

Rate = Rs.10%p.a.

Let the time be n years.Then

[1000(1+10/100)Λn;]

= 1331.

= (1331/1000)

= (11/10)³

Therefore n = 3 years.

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Q:

If the simple interest on a sum of money for 2 years at 5% per annum is Rs. 50, what is the compound interest on the same at the same rate and for the same time?

A) Rs.51.25	B) Rs.52
C) Rs.53	D) Rs.54

Answer & Explanation Answer: A) Rs.51.25

Explanation:

Sum =Rs.(50 x 100/2x5)

= Rs. 500.

Amount

=[Rs.500x(1+5/100)²]

=Rs(500x21/20x21/20).

=Rs. 551.25

C.I

= Rs. (551.25 - 500)

= Rs. 51.25

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Q:

A sum of money invested at compound interest amounts to Rs. 800 in 3 years and to Rs. 840 in 4 years. The rate of interest per annum is

A) 6%	B) 4%
C) 5%	D) 7%

Answer & Explanation Answer: C) 5%

Explanation:

S.I. on Rs.800 for 1 year

=Rs[840 - 800]

= Rs.40

Rate

=(100x40/800x1)%

= 5%

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Q:

The difference between simple interest and compound interest on Rs. 1200 for one year at 10% per annum reckoned half yearly is

A) Rs.2.50	B) Rs.3
C) Rs.4	D) Rs.4.50

Answer & Explanation Answer: B) Rs.3

Explanation:

S.I

= Rs.(1200x10x1/100)

= Rs.120.

C.I

= Rs[(1200x1+5/100)² -1200]

= Rs.123.

Difference

= Rs.[123-120]

= Rs. 3.

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