The difference between CI and SI on Rs. 6200 for 2 years at 5% is: MCQ with Answer and Explanation

Question

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The difference between CI and SI on Rs. 6200 for 2 years at 5% is:

A. Rs. 13.50

B. Rs. 14.00

C. Rs. 16.00

D. Rs. 15.50

Answer: Option D

Solution (By JKSSB Mock Tests)

D = 6200 × 0.0025 = Rs. 15.50.

This question belongs to: Maths Compound Interest

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Question #1

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The simple interest on a sum for 3 years at 6% is Rs. 540. The compound interest on the same sum for 2 years at 6% is:

A. Rs. 380.00

B. Rs. 374.40

C. Rs. 376.00

D. Rs. 370.80

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Correct Answer: Option D

Explanation:
P = 54000/(6×3) = 3000. CI = 3000[(1.06)² − 1] = 3000 × 0.1236 = Rs. 370.80.

This question belongs to: Maths Compound Interest

Question #2

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The difference between CI and SI on Rs. 7200 for 2 years at 10% is:

A. Rs. 60

B. Rs. 80

C. Rs. 68

D. Rs. 72

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Correct Answer: Option D

Explanation:
D = 7200 × 0.01 = Rs. 72.

This question belongs to: Maths Compound Interest

Question #3

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A sum of money invested at compound interest doubles itself in 4 years. In how many years will it become 16 times itself?

A. 20 years

B. 16 years

C. 24 years

D. 12 years

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Correct Answer: Option B

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

This question belongs to: Maths Compound Interest

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