Tag: mathematics and statistics

Questions Related to mathematics and statistics

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

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

  1. 2000

  2. 2500

  3. 3200

  4. 4000

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Correct Option: D
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 $

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

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

  1. $2$%

  2. $1$%

  3. $3$%

  4. $4$%

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Correct Option: B
Explanation:
Given $SI=\cfrac { 1 }{ 100 } \times P,R=T$
$SI=\cfrac { PRT }{ 100 } $
$\cfrac { P }{ 100 } =\cfrac { P{ R }^{ 2 } }{ 100 } \Rightarrow R=T=1$

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

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

  1. $4$

  2. $5$

  3. $6$

  4. $7$

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Correct Option: C
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 $= 6$%

Principal $= 2500$, rate $= 6$%, time$= 4$ years. Calculate the interest.

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

  1. Rs.$500$

  2. Rs.$550$

  3. Rs.$600$

  4. Rs.$650$

Show answer
Correct Option: C
Explanation:

$Interest=\dfrac { P\times R\times T }{ 100 } \ =\dfrac { Rs.2500\times 6\times 4 }{ 100 } \ =Rs.600$