Multiple choice

The simple interest on a certain sum for 2 years at a certain rate of interest is Rs.2000 and compound interest on the same sum, same time and same rate of interest is Rs.2050. Then find the ratio between CI for 2 years and SI for 3 years?

  1. 60:41

  2. 41:60

  3. 51:60

  4. 60:51

  5. None of these
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

SI for 2 years = 2000, so SI for 1 year = 1000. This means interest = 1000 annually. Principal P such that P × R × 2/100 = 2000. CI for 2 years is given as 2050. Using the CI formula and solving, we get CI for 2 years = 2050 and SI for 3 years = 3000. The ratio is 2050:3000 = 41:60.

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