Compound Interest Practice Test 2

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Question : 3 of 40

Marks: +1, -0

What is the ratio of CI on a certain sum in 2 years at 10% to SI on the same sum for 3 years at 15%?

7 : 15
6 : 7
8 : 5
None of these
Cannot be determined

Solution:

Amount

=P(1+10/100)^2=P(11/10)^2

=P(121/100)

CI = Amount - P

=P(121/100)-P=P(21/100)

SI={P×R×T}/100

={P×3×15}/100=P(45/100)

Ratio =

P(21/100):P(45/100)=7:15

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