The compound interest on a certain sum for 2 years at 8% per annum is Rs. 416. Find the principal sum. MCQ with Answer and Explanation

Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 930 = P * (10/100)^2 * (3 + 10/100) => 930 = P * (1/100) * (3.1) => 930 = P * 0.031 => P = 930 / 0.031 = Rs. 30000.

Explanation:
The sum doubles (2^1) in 8 years. It will become 4 (2^2) times in 2 * 8 = 16 years.

Explanation:
Half-yearly rate 5%, n=2. A = 8000 × (1.05)² = 8000 × 1.1025 = 8820, CI = 8820 − 8000 = Rs. 820.