Tag: mathematics and statistics

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Questions Related to mathematics and statistics

Multiple choice mathematics and statistics banks and simple interest introduction to interests introduction to interest introduction to interest payments

The difference between the interest earned under compound interest, interest being compounded annually and simple interest for two years on the same sum and at the same rate of interest is 25.60. Find the sum if the rate of interest is 8% p.a

  1. 2000

  2. 2500

  3. 3200

  4. 4000
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation



Simple Interest $ SI = \frac {PNR}{100} $
So, $ SI = \frac {P \times 2 \times 8}{100} = Rs 0.16P $

When interest is compounded, Amount $ A = P(1+ \frac {R}{100})^n $
So, A $ = P \times (1+ \frac {8}{100})^2 = Rs  1.1664P  $
And $ CI = A - P = 0.1664P $

Si, difference $ CI - SI = Rs 0.1664P - Rs 0.16P = Rs 25.60 $
$ => 0.0064P = 25.60 $
$ => P = Rs  4000 $

Multiple choice mathematics and statistics banks and simple interest introduction to interests introduction to interest introduction to interest payments

If the simple interest on a certain sum of money is $\displaystyle \frac{1}{100}$th of the sum and the rate per cent equals the number of years, then the rate of interest per annum is

  1. $2$%
  2. $1$%
  3. $3$%
  4. $4$%
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation
Given $SI=\cfrac { 1 }{ 100 } \times P,R=T$
$SI=\cfrac { PRT }{ 100 } $
$\cfrac { P }{ 100 } =\cfrac { P{ R }^{ 2 } }{ 100 } \Rightarrow R=T=1$
Multiple choice mathematics and statistics banks and simple interest introduction to interests introduction to interest introduction to interest payments

The interest on a certain sum of money is $0.18$ times of itself in $3$ years. Find the rate of interest.

  1. $4$
  2. $5$
  3. $6$
  4. $7$
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

$I=Interest$

$P=Principal$
$R=Rate of Interest$
$T=Time(in years)$
$0.18I=\dfrac { I\times R\times 3 }{ 100 } \ \Rightarrow R=\dfrac { 0.06\times 100 }{ 3 } =0.06\times 100\$
 $\Rightarrow R=6$ %
Rate of Interest $= 6$%