Compound Interest Practice Test 3

Question : 2 of 40

Marks: +1, -0

A sum of money lent out at a certain rate of simple interest amounts to Rs. 6600 in 2 years and to Rs. 6900 in 3 years. What will be the compound interest on the same sum of money if lent out at the same rate for 2 years?

Rs. 605
Rs. 715
Rs. 615
Rs. 595

Validate

Solution:

Here, 1 year’s S.I. = Rs. 6900 – Rs. 6600 = Rs. 300
∴ 2 year’s S.I. = 300 × 2 = Rs. 600
∴ Principal = Rs. 6600 – Rs. 600 = Rs. 6000
Hence, Rate

= {600×100}/{6000×2}=5%

C.I.

=6000[(1+5/100)^2-1]

=6000×41/400=615

Go to Question:

Prev Question

Next Question