ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A certain sum of money gives $ 510 as compound interest 12¹/₂ % per annum for 2 years. Find the simple interest on the same sum of money at the same rate for the same period of time
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$ 400
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$ 450
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$ 460
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$ 480
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Explanation:
Detailed explanation-1: -If the compound interest on a sum for 2 years at 12 1 2 % per annum is Rs. 510, the simple interest on the same sum at the same rate for the same period of time is: Rs. 400.
Detailed explanation-2: -The correct option is C 210 Calculate the compound interest (in ₹) on ₹1, 000 in 2 years at 10% per annum.
Detailed explanation-3: -On what sum will the compound interest at 5% per annum for 2 years compounded annually be Rs 164? Hence, Principal = Rs. 1600.
Detailed explanation-4: -We know that when it is compounded half-yearly, Then rate becomes half and time become double. ∴ The compound interest is Rs. 1261.
Detailed explanation-5: -Thus, the required sum is Rs. 1600.
There is 1 question to complete.