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: MCQ with Answer and Explanation

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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. 370.80

C. Rs. 374.40

D. Rs. 376.00

Answer: Option B

Solution (By JKSSB Mock Tests)

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

This question belongs to: Maths Compound Interest

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Question #1

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The compound interest on Rs. 4000 at 10% per annum for 1 year compounded half-yearly is:

A. Rs. 440

B. Rs. 420

C. Rs. 410

D. Rs. 400

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Correct Answer: Option C

Explanation:
A = 4000 × (1.05)² = 4000 × 1.1025 = 4410, CI = 4410 − 4000 = Rs. 410.

This question belongs to: Maths Compound Interest

Question #2

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

A. Rs. 16.00

B. Rs. 13.50

C. Rs. 14.00

D. Rs. 15.50

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Correct Answer: Option D

Explanation:
D = 6200 × 0.0025 = Rs. 15.50.

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Question #3

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Find the compound interest on Rs. 5000 at 10% per annum compounded half-yearly for 1 year.

A. Rs. 512.50

B. Rs. 500

C. Rs. 550

D. Rs. 525

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Correct Answer: Option A

Explanation:
Half-yearly rate 5%, n=2. A = 5000 × (1.05)² = 5000 × 1.1025 = 5512.50, CI = 5512.50 − 5000 = Rs. 512.50.

This question belongs to: Maths Compound Interest

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