Question : The simple interest on a sum of money at 10% per annum for 2 years is INR 8,100. What would be the compound interest (in INR) on the same sum for the same period at 15% p.a, when the interest is compounded yearly? (nearest to INR 1)
Option 1: 8,100
Option 2: 12,751
Option 3: 14,671
Option 4: 13,061
Correct Answer: 13,061
Solution : Rate, $R$ = 10% Term, $n$ = 2 years Simple interest = INR 8,100 Let $P$ be the principal sum. Simple interest, SI = $\frac{\text{Principal×term×Rate}}{100}$ ⇒ 8100 = $\frac{P × 2 × 10}{100}$ ⇒ $P=\frac{81000}{2}$ ⇒ $P=40500$ and, $R=15$% Compound interest, CI = $P(1+\frac{R}{100})^n-P$ = $40500(1+\frac{15}{100})^2-40500$ = $53561.25-40500$ =$13061.25$ ~ $13061$ Hence, the correct answer is 13,061.
Application | Eligibility | Selection Process | Result | Cutoff | Admit Card | Preparation Tips
Question : The simple interest on a sum of money at 10% per annum for 2 years is 8,100. Compounded annually, what would be the compound interest (in ) on the same sum for the same period at the same rate of interest?
Option 2: 8,505
Option 3: 8,715
Option 4: 9,000
Question : A sum of money becomes INR 35,680 after 3 years and INR 53,520 after 6 years at a certain rate percentage p.a., interest compounded yearly. What is the compound interest on the same sum in the first case? (Your answer should be nearest to an integer)
Option 1: INR 11,983
Option 2: INR 11,893
Option 3: INR 10,842
Option 4: INR 11,938
Question : The compound interest on a certain sum invested for 2 years at 10% per annum is INR 1,522.50, the interest being compounded yearly. The sum is:
Option 1: INR 7,250
Option 2: INR 7,200
Option 3: INR 7,500
Option 4: INR 7,000
Question : The compound interest amounts on a certain sum at a certain rate percentage p.a. for the second year and third year are INR 3,300 and INR 3,630, respectively. What is the amount of the same sum at the same rate in $2 \frac{1}{2}$ years, interest compounded yearly?
Option 1: INR 37,215
Option 2: INR 36,300
Option 3: INR 38,115
Option 4: INR 36,000
Question : What is the compound interest on a sum of INR 25,000 after three years at a rate of 12% per annum interest compounded yearly?
Option 1: INR 9,824.00
Option 2: INR 10,520.00
Option 3: INR 9,956.86
Option 4: INR 10,123.20
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile