
Concepts
 Practice Questions

Important Formulas
 A sum of money doubles itself in 4 years at compound interest. When will it amounts to 8 times itself at the same rate of interest ?
 12 years
 24 years
 18 years
 16 years
Answer is a
2. If the amount on a certain principle in 3years at 12% rate of interest compounded annually is Rs. 12,000, what will be the amount (in Rs.) after the 4^{th} year?
 15440
 14550
 14330
 13440
Answer is d
3. A certain grows at an annual interest rate of 12%, compounded monthly. Which of the following equations can be solved to find the number of years, y, that it would take for the investment to increase by a factor of 64?
 1/64 = (1.04)12y
 8=(1.01)6y
 64=(1.04)^{12y}
 64=(1.04)12y
Answer is c
4. Compound interest on a sum of money for 2years at 4 percent per annum is ₹2,448. After 2 Years the simple interest of the same sum of money at the same rate of interest will be
 ₹ 2400
 ₹ 2250
 ₹ 2500
 ₹ 2360
Answer is a
5. If the compound interest at a rate of 5% per annum for 2 years on a certain sum of money is ₹246. Then the simple interest on an equivalent sum for 3 years at a rate of 6% once a year is
 ₹450
 ₹432
 ₹435
 ₹430
Answer is b
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