Simple Interest & compound Interest | Level Hard Set -2
Note: All questions carry 2 marks. Time taken to solve all the questions should not exceed 10
Three persons Amar, Akbar and Anthony invested different amounts in a fixed deposit scheme for one year at the rate of 12% per annum and earned a total interest of Rs.3,240 at the end of the year. If the amount invested by Akbar is Rs.5000 more than the amount invested by Amar and the amount invested by Anthony is Rs.2000 more than the amount invested by Akbar, what is the amount invested by Akbar?
A sum of money placed at compound interest doubles itself in 3 years. In how many years will it amount to 8 times of itself?
(a) 9 years
(b) 8 years
(c) 27 years
(d) 7 years
If a principal ‘P’ becomes ‘Q’ in 2 years when interest R% is compounded half-yearly And if the same principal ‘P’ becomes ‘Q’ in 2 years when interest S% is compounded annually, then which of the following is true?
(a) R > S
(b) R = S
(c) R < S
(d) cannot be determined
A sum of Rs.8000 is borrowed at 5% p.a. compound interest and paid back in 3 equal annual instalments. What is the amount of each instalment?
Find the compound interest at the rate of 10% for 3 years on that principal which in 3 years at the rate of 10% per annum gives rs.300 as simple interest.