The difference between CI and SI on Rs. 9600 for 2 years at 5% is: MCQ with Answer and Explanation

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The difference between CI and SI on Rs. 9600 for 2 years at 5% is:

A. Rs. 20

B. Rs. 26

C. Rs. 22

D. Rs. 24

Answer: Option D

Solution (By JKSSB Mock Tests)

D = 9600 × 0.0025 = Rs. 24.

This question belongs to: Maths Compound Interest

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Question #1

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The compound interest on a certain sum for 2 years at 4% per annum is Rs. 408. Find the principal sum.

A. Rs. 5200

B. Rs. 5400

C. Rs. 5000

D. Rs. 4800

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Correct Answer: Option C

Explanation:
Effective rate of compound interest for 2 years at 4% = 4 + 4 + (44)/100 = 8.16%. Given 8.16% of P = 408 => P = 408 / 0.0816 = Rs. 5000.

This question belongs to: Maths Compound Interest

Question #2

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A sum of money placed at compound interest doubles itself in 5 years. In how many years will it amount to eight times itself?

A. 25 years

B. 10 years

C. 20 years

D. 15 years

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Correct Answer: Option D

Explanation:
A sum becomes 2 times in 5 years. It will become 4 (2^2) times in 2 * 5 = 10 years. It will become 8 (2^3) times in 3 * 5 = 15 years.

This question belongs to: Maths Compound Interest