Question : A man borrowed some money and agreed to pay it off by paying Rs. 3,150 at the end of the 1st year and Rs. 4,410 at the end of 2nd year. If the rate of Compound interest is 5% per annum, then the sum is:
Option 1: Rs. 5,000
Option 2: Rs. 6,500
Option 3: Rs. 7,000
Option 4: Rs. 9,200
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Correct Answer: Rs. 7,000
Solution : Given: $A$ = Rs. 4,410, $R$ = 5% and $t$ = 2 years We know that $A=P(1+\frac{R}{100})^{t}$ ⇒ $4410=P(1+\frac{5}{100})^{2}$ ⇒ $4410=P×\frac{21}{20}×\frac{21}{20}$ ⇒ $P=4410×\frac{20}{21}×\frac{20}{21}$ ⇒ $P=4000$ Again, A = Rs. 3150, R = 5% and t = 1 year ⇒ $3150=P(1+\frac{5}{100})^{1}$ ⇒ $3150=P×\frac{21}{20}$ ⇒ $P=3150×\frac{20}{21}$ ⇒ $P=3000$ $\therefore$ Total sum = 4000 + 3000 = 7000 Hence, the correct answer is Rs. 7,000.
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Question : A man borrowed some money from a private organisation at 5% simple interest per annum. He lent this money to another person at 10% compound interest per annum and made a profit of Rs. 26,410 in 4 years, the man borrowed:
Option 1: Rs. 2,00,000
Option 2: Rs. 1,50,000
Option 3: Rs. 1,32,050
Option 4: Rs. 1,00,000
Question : If the difference between the compound interest and simple interest on a sum of money for 3 years is Rs. 186, find the sum of money, if the interest rate in both cases is 10%.
Option 1: Rs. 5,500
Option 2: Rs. 7,200
Option 3: Rs. 6,500
Option 4: Rs. 6,000
Question : The Principal that yields a Compound Interest of Rs. 420 in the second year at 5% per annum is:
Option 1: Rs. 7,000
Option 2: Rs. 5,000
Option 3: Rs. 8,000
Question : The difference between simple and compound Interest compounded annually on a certain sum of money for 2 years at 4% per annum is Rs. 8. The sum is:
Option 1: Rs. 10,000
Option 2: Rs. 20,000
Option 3: Rs. 5,000
Option 4: Rs. 15,000
Question : A sum of money at simple interest amounts to Rs. 6,000 in 4 years and to Rs. 6,750 in 7 years at the same rate percent per annum of interest. The sum (in Rs.) is:
Option 1: 5,100
Option 2: 4,800
Option 3: 4,000
Option 4: 5,000
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