Question : The amount received on a certain sum after 3 years and 5 years on compound interest (compounding annually) is Rs. 20,736 and Rs. 29,859.84 respectively. What is that sum?
Option 1: Rs. 9000
Option 2: Rs. 14,000
Option 3: Rs. 15,000
Option 4: Rs. 12,000
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Correct Answer: Rs. 12,000
Solution : Amount after $t$ years = $P(1+\frac{R}{100})^{t}$, where $P$ = Principal $R$ = annual rate interest For 3 years: ⇒ 20736 = $P(1+\frac{R}{100})^{3}$ = 20736 For 5 years: ⇒ 29859.84 = $(1+\frac{R}{100})^{5}$ Now we find the Principal ($P$) and Annual rate ($R$) ⇒ $\frac{29859.84}{20736}$ = $\frac{P(1+\frac{R}{100})^{5}}{P(1+\frac{R}{100})^{3}}$ ⇒ $\frac{29859.84}{20736}$ = ${(1+\frac{R}{100})^{2}}$ ⇒ 1.44 = ${(1+\frac{R}{100})^{2}}$ ⇒ $(1 + \frac{R}{100})$ = 1.2 ⇒ $R$ = 20% Now, 20736 = $P(1+\frac{20}{100})^{3} = P(\frac{6}{5})^{3}$ ⇒ 20736 = $P × \frac{216}{125}$ ⇒ $P = \frac{20736×125}{216}$ = 12000 Hence, the correct answer is Rs. 12,000.
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Question : The difference between simple interest and compound interest (compounding of interest is done annually) on a certain sum of money for 3 years at the rate of 20 percent per annum is Rs. 192. What is the sum?
Option 1: Rs 1500
Option 2: Rs 1400
Option 3: Rs 1000
Option 4: Rs 1200
Question : The compound interest (compounding annually) on a certain sum for 2 years at the rate of 20 percent per annum is Rs. 2420. What will be the simple interest on the same sum for 3 years at the same rate of interest?
Option 1: Rs. 3300
Option 2: Rs. 3000
Option 3: Rs. 3800
Option 4: Rs. 4200
Question : A sum of Rs. 3000 becomes Rs, 4320 in 2 years at a certain rate of compound interest (compounding annually). How much this sum will become after 4 years?
Option 1: Rs. 7568.50
Option 2: Rs. 6220.80
Option 3: Rs. 6516.80
Option 4: Rs. 5128.50
Question : On a certain sum, simple interest at the annual rate of 12% for 6 years is Rs. 28800. What will be the compound interest on the same sum at the annual rate of 20% (compounding annually) for 2 years?
Option 1: Rs. 17600
Option 2: Rs. 19200
Option 3: Rs. 12000
Option 4: Rs. 14400
Question : Find the sum of money invested by a man in a scheme that offers compound interest(compounding annually) at a 6% rate of interest per annum if compound interest for 2 years is Rs. 618.
Option 1: Rs. 7000
Option 2: Rs. 9000
Option 3: Rs. 5000
Option 4: Rs. 4000
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