The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is Rs. 217. Find the sum. MCQ with Answer and Explanation

Question

The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is Rs. 217. Find the sum.

A. Rs. 7500

B. Rs. 8000

C. Rs. 6500

D. Rs. 7000

Answer: Option D

Solution (By JKSSB Mock Tests)

Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 217 = P * (10/100)^2 * (3 + 10/100) => 217 = P * (1/100) * (3.1) => 217 = P * 0.031 => P = 217 / 0.031 = Rs. 7000.

This question belongs to: Maths Compound Interest

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Question #1

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A sum of money at compound interest becomes 9 times in 4 years. In how many years will it become 81 times?

A. 10 years

B. 6 years

C. 7 years

D. 8 years

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Correct Answer: Option D

Explanation:
81 = 9², so 4 × 2 = 8 years.

This question belongs to: Maths Compound Interest

Question #2

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A sum of money invested at compound interest doubles itself in 19 years. In how many years will it become 4 times of itself?

A. 48 years

B. 38 years

C. 28 years

D. 58 years

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Correct Answer: Option B

Explanation:
The sum doubles (2^1) in 19 years. It will become 4 (2^2) times in 2 * 19 = 38 years.

This question belongs to: Maths Compound Interest

Question #3

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The compound interest on Rs. 5000 at 8% per annum for 1 year compounded half-yearly is:

A. Rs. 400

B. Rs. 412

C. Rs. 408

D. Rs. 416

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Correct Answer: Option C

Explanation:
Rate per half-year = 4%, n = 2. A = 5000 × (1.04)² = 5000 × 1.0816 = 5408, CI = 5408 − 5000 = Rs. 408.

This question belongs to: Maths Compound Interest

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