Quant Exam > Quant Questions > The simple interest on a certain sum of money...
Start Learning for Free
The simple interest on a certain sum of money for 4 years at 15 percent per annum is 600. Find the compound interest in the same sum at 10 percent interest for 2 years
- a)220
- b)200
- c)210
- d)120
- e)None of these
Correct answer is option 'C'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Verified Answer
The simple interest on a certain sum of money for 4 years at 15 percen...
600 = p*4*(15/100), P = 1000
CI = 1000(1+10/100)2 – 1000 = 210
CI = 1000(1+10/100)2 – 1000 = 210
Most Upvoted Answer
The simple interest on a certain sum of money for 4 years at 15 percen...
Given information:
- Simple interest on a certain sum of money for 4 years at 15% per annum is 600.
To find:
- Compound interest in the same sum at 10% interest for 2 years.
Formula for simple interest:
- Simple Interest (SI) = (Principal × Rate × Time) / 100
Step-by-step solution:
1. Let's assume the principal amount as P.
2. Given that the simple interest on the principal amount for 4 years at 15% per annum is 600. Using the formula for simple interest, we can write the equation as:
600 = (P × 15 × 4) / 100
3. Simplifying the equation:
600 = (60P) / 100
60000 = 60P
P = 1000
4. We have found the principal amount, which is 1000.
5. Now, we need to find the compound interest for the same sum at 10% interest for 2 years.
Formula for compound interest:
- Compound Interest (CI) = P × (1 + r/n)^(n×t) - P
where P is the principal amount, r is the rate of interest, n is the number of compounding periods per year, and t is the time in years.
6. Plugging in the values:
CI = 1000 × (1 + 10/100)^2 - 1000
= 1000 × (1 + 0.1)^2 - 1000
= 1000 × (1.1)^2 - 1000
= 1000 × 1.21 - 1000
= 1210 - 1000
= 210
Therefore, the compound interest in the same sum at 10% interest for 2 years is 210, which corresponds to option C.
- Simple interest on a certain sum of money for 4 years at 15% per annum is 600.
To find:
- Compound interest in the same sum at 10% interest for 2 years.
Formula for simple interest:
- Simple Interest (SI) = (Principal × Rate × Time) / 100
Step-by-step solution:
1. Let's assume the principal amount as P.
2. Given that the simple interest on the principal amount for 4 years at 15% per annum is 600. Using the formula for simple interest, we can write the equation as:
600 = (P × 15 × 4) / 100
3. Simplifying the equation:
600 = (60P) / 100
60000 = 60P
P = 1000
4. We have found the principal amount, which is 1000.
5. Now, we need to find the compound interest for the same sum at 10% interest for 2 years.
Formula for compound interest:
- Compound Interest (CI) = P × (1 + r/n)^(n×t) - P
where P is the principal amount, r is the rate of interest, n is the number of compounding periods per year, and t is the time in years.
6. Plugging in the values:
CI = 1000 × (1 + 10/100)^2 - 1000
= 1000 × (1 + 0.1)^2 - 1000
= 1000 × (1.1)^2 - 1000
= 1000 × 1.21 - 1000
= 1210 - 1000
= 210
Therefore, the compound interest in the same sum at 10% interest for 2 years is 210, which corresponds to option C.
Free Test
FREE
| Start Free Test |
Community Answer
The simple interest on a certain sum of money for 4 years at 15 percen...
600 = p*4*(15/100), P = 1000
CI = 1000(1+10/100)2 – 1000 = 210
CI = 1000(1+10/100)2 – 1000 = 210
|
Explore Courses for Quant exam
|
|
Similar Quant Doubts
The simple interest on a certain sum of money for 4 years at 15 percent per annum is 600. Find the compound interest in the same sum at 10 percent interest for 2 yearsa)220b)200c)210d)120e)None of theseCorrect answer is option 'C'. Can you explain this answer?
Question Description
The simple interest on a certain sum of money for 4 years at 15 percent per annum is 600. Find the compound interest in the same sum at 10 percent interest for 2 yearsa)220b)200c)210d)120e)None of theseCorrect answer is option 'C'. Can you explain this answer? for Quant 2024 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about The simple interest on a certain sum of money for 4 years at 15 percent per annum is 600. Find the compound interest in the same sum at 10 percent interest for 2 yearsa)220b)200c)210d)120e)None of theseCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The simple interest on a certain sum of money for 4 years at 15 percent per annum is 600. Find the compound interest in the same sum at 10 percent interest for 2 yearsa)220b)200c)210d)120e)None of theseCorrect answer is option 'C'. Can you explain this answer?.
The simple interest on a certain sum of money for 4 years at 15 percent per annum is 600. Find the compound interest in the same sum at 10 percent interest for 2 yearsa)220b)200c)210d)120e)None of theseCorrect answer is option 'C'. Can you explain this answer? for Quant 2024 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about The simple interest on a certain sum of money for 4 years at 15 percent per annum is 600. Find the compound interest in the same sum at 10 percent interest for 2 yearsa)220b)200c)210d)120e)None of theseCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The simple interest on a certain sum of money for 4 years at 15 percent per annum is 600. Find the compound interest in the same sum at 10 percent interest for 2 yearsa)220b)200c)210d)120e)None of theseCorrect answer is option 'C'. Can you explain this answer?.
Solutions for The simple interest on a certain sum of money for 4 years at 15 percent per annum is 600. Find the compound interest in the same sum at 10 percent interest for 2 yearsa)220b)200c)210d)120e)None of theseCorrect answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for Quant.
Download more important topics, notes, lectures and mock test series for Quant Exam by signing up for free.
Here you can find the meaning of The simple interest on a certain sum of money for 4 years at 15 percent per annum is 600. Find the compound interest in the same sum at 10 percent interest for 2 yearsa)220b)200c)210d)120e)None of theseCorrect answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
The simple interest on a certain sum of money for 4 years at 15 percent per annum is 600. Find the compound interest in the same sum at 10 percent interest for 2 yearsa)220b)200c)210d)120e)None of theseCorrect answer is option 'C'. Can you explain this answer?, a detailed solution for The simple interest on a certain sum of money for 4 years at 15 percent per annum is 600. Find the compound interest in the same sum at 10 percent interest for 2 yearsa)220b)200c)210d)120e)None of theseCorrect answer is option 'C'. Can you explain this answer? has been provided alongside types of The simple interest on a certain sum of money for 4 years at 15 percent per annum is 600. Find the compound interest in the same sum at 10 percent interest for 2 yearsa)220b)200c)210d)120e)None of theseCorrect answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice The simple interest on a certain sum of money for 4 years at 15 percent per annum is 600. Find the compound interest in the same sum at 10 percent interest for 2 yearsa)220b)200c)210d)120e)None of theseCorrect answer is option 'C'. Can you explain this answer? tests, examples and also practice Quant tests.
|
|
Explore Courses for Quant exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup