Question : If an amount of Rs. 80 becomes Rs. 96 in 2 years in a bank account which gives simple annual interest, then an amount of Rs. 62,000 will become ________ in the same account after 5 years.
Option 1: Rs. 88,200
Option 2: Rs. 84,600
Option 3: Rs. 82,400
Option 4: Rs. 93,000
Correct Answer: Rs. 93,000
Solution : The formula for simple interest is $SI = \frac{PRT}{100}$ where SI is the interest, P is the principal amount, R is the rate of interest and T is the time. SI = 96 – 80 = 16 ⇒ $16 = \frac{80R×2}{100}$ ⇒ R = 10% Now, we want to find out how much an amount of Rs. 62,000 will become in the same account after 5 years. The interest for 5 years would be: ⇒ $SI = \frac{62000×10×5}{100}$ Rs. 31000 So, the total amount after 5 years would be the principal plus the interest, which is Rs. 62,000 + Rs. 31,000 = Rs. 93,000. Therefore, an amount of Rs. 62,000 will become Rs. 93,000 in the same account after 5 years. Hence, the correct answer is Rs. 93,000.
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Question : A sum of Rs. 800 becomes Rs. 956 in 3 years at a certain rate of simple interest. If the rate of interest is increased by 4%, what amount will the same sum become in 3 years?
Option 1: Rs. 1025
Option 2: Rs. 1042
Option 3: Rs. 1052
Option 4: Rs. 1024
Question : John invested a sum of money at an annual simple interest rate of 10%. At the end of four years, the amount invested plus interest earned is Rs. 770. The amount invested was:
Option 1: Rs. 650
Option 2: Rs. 350
Option 3: Rs. 550
Option 4: Rs. 500
Question : A certain amount of money earns Rs. 540 as a simple interest in 3 years. If it earns a compound interest of Rs. 376.20 at the same rate of interest in 2 years, find the amount (in Rs.):
Option 1: Rs. 1600
Option 2: Rs. 1800
Option 3: Rs. 2000
Option 4: Rs. 2100
Question : A person invested Rs. 12,000 on simple interest for 7 years to obtain a total amount of Rs. 20,400 on a certain annual rate of interest. What was the rate of interest to obtain the above amount?
Option 1: 7%
Option 2: 9%
Option 3: 8%
Option 4: 10%
Question : Find the difference between compound interest and simple interest when a sum of Rs. 15,625 is invested for 3 years at 4% per annum.
Option 1: Rs. 76
Option 2: Rs. 96
Option 3: Rs. 56
Option 4: Rs. 86
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