Compound Interest Practice Test 2

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Question : 7 of 40

Marks: +1, -0

Approximately what per cent by SI on a certain sum for 4 years at 8% more than the CI on the same sum for 2 years at 8%?

16%
32%
57%
92%
Cannot be determined

Solution:

CI=P(1+8/100)^2-P

=P(108/100)^2-P

=P(1664/10000)

SI={P×R×T}/100={P×4×8}/100

=P(32/100)

Required percentage

={P(32/100)-P(1664/10000)}/{P(1664/10000)}×100

=1536/1664×100

≈ 92%

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