Question : The least number of years in which a sum of money on 19% p.a. compound interest will be more than double is _____.
Option 1: 3 years
Option 2: 4 years
Option 3: 5 years
Option 4: 2 years
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Correct Answer: 4 years
Solution : Let the principal be Rs. $P$. Amount (A) = Rs. $2P$ Rate = 19% Time = $T$ years When compounded annually, $ A= P(1+\frac{R}{100})^{T}$ Where A is the total amount, P is the principal amount, R is the rate of interest per annum, and T is the time in years. $⇒A = P(1 + \frac{R}{100})^T$ $⇒2P = P(1 + \frac{19}{100})^T$ $⇒2 =(\frac{119}{100})^T$ $⇒2 = (1.19) ^T$ If $T$ = 4 years, (1.19)4 > 2 (1.19)4 = 2.005 > 2 $\therefore$ The required time is 4 years. Hence, the correct answer is 4 years.
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Question : In how many least number of complete years will a sum of money become more than four times itself at the rate of 14% per annum on simple interest?
Option 1: 20 years
Option 2: 25 years
Option 3: 29 years
Option 4: 22 years
Question : The simple interest on a certain sum of money for 2 years at 7% per annum is double the compound interest on INR 1,000 for 2 years at 10% per annum, compounded annually. What is the sum placed on simple interest?
Option 1: INR 1,000
Option 2: INR 2,000
Option 3: INR 3,000
Option 4: INR 4,000
Question : The difference between the compound interest and the simple interest on a certain sum of money at 10% per annum for 2 years is INR 200. What is the sum of money, if in the case of compound interest, interest is compounded annually?
Option 1: INR 25,000
Option 2: INR 15,000
Option 3: INR 12,000
Option 4: INR 20,000
Question : A sum of Rs. 21850 amounts to Rs. 28623.50 in 5 years at the rate of simple interest. The rate percent is:
Option 1: 7.2% p.a.
Option 2: 4.8% p.a.
Option 3: 6.2% p.a.
Option 4: 6.8% p.a.
Question : What will be the ratio of the interests earned by identical sum of money invested at the same rate of simple interest for 6 years and for 15 years respectively?
Option 1: 3 : 5
Option 2: 5 : 3
Option 3: 5 : 2
Option 4: 2 : 5
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