Multiple Choice Questions on Find the simple interest on Rs 5000 at a certain rate if the compound interest on the same amount fo........... for Mathematics - All Exams Preparation

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Multiple Choice Questions

Find the simple interest on Rs 5000 at a certain rate if the compound interest on the same amount fo...........

Quant (SSC) Compound Interest
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    Find the simple interest on Rs. 5000 at a certain rate if the compound interest on the same amount for 2 years is Rs. 253.125.

    250

    Correct Answer

    260

    Incorrect Answer

    240

    Incorrect Answer

    225

    Incorrect Answer
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    Explanation:

    Let the rate of interest be r.
    5000[1+ r/100]2 = 5000+253.125
    → [1+r/100]2 = 5253.125/5000
    Solving which gives
    [1+ r/100]2 = 1681/1600
    → 1+r/100 = 41/40
    → r = 2.5
    Therefore, SI = 5000* 2 * 2.5/ 100 = Rs. 250.

    By: Amit Kumar
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