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If the simple interest on a sum of money for 2 years at 5% per annum is Rs. 60, what is the compound interest on the same at the same rate and for the same time?
- a)Rs. 63.5
- b)Rs. 62
- c)Rs. 61.5
- d)Rs. 64
Correct answer is option 'C'. Can you explain this answer?
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If the simple interest on a sum of money for 2 years at 5% per annum i...
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If the simple interest on a sum of money for 2 years at 5% per annum i...
Since SI = 60
SI = P×R×T/ 100
which is P = 60×100/2×5 = 200
P = 600
CI= 600(1+5/100)^2
= 600(21/20)^2
= 600(1.025) = 661.5 which is amount
so sum = 600-661 = 61.5(C)
SI = P×R×T/ 100
which is P = 60×100/2×5 = 200
P = 600
CI= 600(1+5/100)^2
= 600(21/20)^2
= 600(1.025) = 661.5 which is amount
so sum = 600-661 = 61.5(C)
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If the simple interest on a sum of money for 2 years at 5% per annum i...
Given,
Principal amount (P) = ?
Time (t) = 2 years
Rate of interest (R) = 5%
Simple Interest (SI) = Rs. 60
Calculation:
We know that, Simple Interest (SI) = (P*R*t)/100
So, (60*100)/(P*5*2) = 1
P = Rs. 1200
Now, we need to find the compound interest on the same amount for the same time and rate.
Compound Interest (CI) = P*(1+R/100)^t - P
Substituting values, we get
CI = 1200*(1+5/100)^2 - 1200
CI = 1323 - 1200
CI = Rs. 123
Therefore, the compound interest on the same at the same rate and for the same time is Rs. 61.5 (Option C)
Principal amount (P) = ?
Time (t) = 2 years
Rate of interest (R) = 5%
Simple Interest (SI) = Rs. 60
Calculation:
We know that, Simple Interest (SI) = (P*R*t)/100
So, (60*100)/(P*5*2) = 1
P = Rs. 1200
Now, we need to find the compound interest on the same amount for the same time and rate.
Compound Interest (CI) = P*(1+R/100)^t - P
Substituting values, we get
CI = 1200*(1+5/100)^2 - 1200
CI = 1323 - 1200
CI = Rs. 123
Therefore, the compound interest on the same at the same rate and for the same time is Rs. 61.5 (Option C)
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If the simple interest on a sum of money for 2 years at 5% per annum is Rs. 60, what is the compound interest on the same at the same rate and for the same time?a)Rs. 63.5b)Rs. 62c)Rs. 61.5d)Rs. 64Correct answer is option 'C'. Can you explain this answer?
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If the simple interest on a sum of money for 2 years at 5% per annum is Rs. 60, what is the compound interest on the same at the same rate and for the same time?a)Rs. 63.5b)Rs. 62c)Rs. 61.5d)Rs. 64Correct answer is option 'C'. Can you explain this answer? for Quant 2025 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about If the simple interest on a sum of money for 2 years at 5% per annum is Rs. 60, what is the compound interest on the same at the same rate and for the same time?a)Rs. 63.5b)Rs. 62c)Rs. 61.5d)Rs. 64Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Quant 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for If the simple interest on a sum of money for 2 years at 5% per annum is Rs. 60, what is the compound interest on the same at the same rate and for the same time?a)Rs. 63.5b)Rs. 62c)Rs. 61.5d)Rs. 64Correct answer is option 'C'. Can you explain this answer?.
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