Compound Interest Practice Test 1

Question : 32 of 40

Marks: +1, -0

If the compound interest on a certain sum for 2 years at 4% per annum is Rs 97.92, the simple interest on the same sum for the same time and at the same rate of interest is:

Rs 18
Rs 64
Rs 90
Rs 96

Validate

Solution:

CI=P(1+R/100)-P

97.92=P[(1+4/100)^2-1]

97.92=P[676/625-1]

97.92=P (51/625)

P=97.92×625/51=1200

SI={P×R×T}/100

={1200×4×2}/100=96

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