Multiple Choice Questions on If an amount is kept at simple interest it earns an interest of Rs 600 in the first two years but wh........... for Mathematics - All Exams Preparation

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Multiple Choice Questions

If an amount is kept at simple interest it earns an interest of Rs 600 in the first two years but wh...........

Quantitative Aptitude ( CCS) Compound Interest
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    If an amount is kept at simple interest, it earns an interest of Rs. 600 in the first two years, but when kept at compound interest for the same period, it earns an interest Rs. 660. Find the rate of interest and principal?

    20%, Rs. 1500

    Correct Answer

    25%, Rs. 1500

    Incorrect Answer

    20%, Rs. 2000

    Incorrect Answer

    none of these

    Incorrect Answer
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    Explanation:
    Rs 60 is earned extra is the interest of first year.
    And since interest earned in all years is constant hence, interest earned is 300.
    Rate of interest= 60/300∗100 = 20%
     At 20% interest of first year is Rs. 300. Thus, the principal is 300∗100/20 = 1500
    Hence, option 1 is the correct answer.

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