Question : Ram invested 45% of his salary in a scheme for 3 years which offers 10% per annum compound interest, compounded annually. If he receives INR 5,958 as total interest, then find Ram's salary.
Option 1: INR 45,000
Option 2: INR 50,000
Option 3: INR 36,000
Option 4: INR 40,000
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Correct Answer: INR 40,000
Solution : Rate, $R$ = 10% Time, $n$ = 3 years Let $P$ be the principal. Interest = INR 5958 When compounded annually, Total amount = $P(1+\frac{R}{100})^n$ $⇒P + 5958 = P(1+\frac{10}{100})^3$ $⇒P + 5958 = P(\frac{11}{10})^3$ $⇒P + 5958 = P(\frac{1331}{1000})$ $⇒5958 = P × \frac{331}{1000}$ $⇒P = \frac{5958000}{331}$ $\therefore P = 18000$ 45% of total salary = 18000 Total salary = $\frac{18000}{0.45}=40000$ Hence, the correct answer is INR 40000.
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Question : The difference between compound interest (compounding annually) and simple interest on a sum at the rate of 30% per annum for 2 years is INR 3,600. What is the sum?
Option 1: INR 75,000
Option 2: INR 40,000
Option 3: INR 50,000
Option 4: INR 60,000
Question : Raja borrowed INR 15,000 on simple interest at the rate of 13% per annum and lent it on compound interest at the rate of 15% per annum, compounded annually. What is Raja's gain in two years?
Option 1: INR 1,080.00
Option 2: INR 1,125.00
Option 3: INR 937.50
Option 4: INR 865.50
Question : The difference between the simple interest and the compound interest at the same rate for INR 32,000 for 2 years is 80. What is the rate of interest, if in the case of compound interest, interest is compounded annually?
Option 1: 8% per annum
Option 2: 2% per annum
Option 3: 5% per annum
Option 4: 12% per annum
Question : On a certain sum of money, the simple interest for 2 years is INR 150 at the rate of 10% per annum. What is the difference between compound interest and simple interest for 2 years if, in the case of compound interest, interest is compounded annually at the rate of 10% per annum?
Option 1: INR 5
Option 2: INR 10
Option 3: INR 7.5
Option 4: INR 12.5
Question : The difference between the compound interest and the simple interest on an amount of INR 1,500 for 2 years, at a given rate of interest per annum, is INR 60. What is the rate of interest per annum, if in the case of compound interest, the interest is compounded annually?
Option 1: 20%
Option 2: 15%
Option 3: 25%
Option 4: 12.5%
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