The difference between CI and SI on Rs. 2400 for 2 years at 5% is: MCQ with Answer and Explanation

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The difference between CI and SI on Rs. 2400 for 2 years at 5% is:

A. Rs. 6.00

B. Rs. 5.00

C. Rs. 7.20

D. Rs. 4.80

Answer: Option A

Solution (By JKSSB Mock Tests)

D = 2400 × (0.05)² = 2400 × 0.0025 = Rs. 6.

This question belongs to: Maths Compound Interest

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Question #1

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A sum of money amounts to Rs. 10584 in 2 years and Rs. 11113.20 in 3 years at compound interest. Find the sum.

A. Rs. 9000

B. Rs. 9400

C. Rs. 9200

D. Rs. 9600

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Correct Answer: Option D

Explanation:
Rate = (11113.20/10584 − 1) × 100 = 5%. P = 10584 / 1.1025 = 9600.

This question belongs to: Maths Compound Interest

Question #2

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A sum of money placed at compound interest becomes double of itself in 3 years. In how many years will it become 8 times of itself?

A. 15 years

B. 9 years

C. 6 years

D. 12 years

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Correct Answer: Option B

Explanation:
The sum becomes 2^1 times in 3 years. It will become 8 (2^3) times in 3 * 3 = 9 years.

This question belongs to: Maths Compound Interest

Question #3

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At what rate of compound interest will Rs. 12800 amount to Rs. 15488 in 2 years?

A. 12%

B. 15%

C. 10%

D. 8%

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Correct Answer: Option C

Explanation:
12800(1+r)² = 15488 ⇒ (1+r)² = 1.21 = (1.1)² ⇒ r = 10%.

This question belongs to: Maths Compound Interest

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