Multiple Choice Questions on The compound interest on a certain sum of money at a certain rate for 2 years is Rs 40 80 and the si........... for Mathematics - All Exams Preparation

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Multiple Choice Questions

The compound interest on a certain sum of money at a certain rate for 2 years is Rs 40 80 and the si...........

Quantitative Aptitude ( CCS) Compound Interest
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    The compound interest on a certain sum of money at a certain rate for 2 years is Rs. 40.80 and the simple interest on the same sum is Rs. 40 at the same rate and for the same time. The rate of interest is

    2% per annum

    Incorrect Answer

    3% per annum

    Incorrect Answer

    4% per annum

    Correct Answer

    5% per annum

    Incorrect Answer
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    Explanation:

    Difference In CI and SI for 2 years
    = (40.80 - 40) = Rs. 0.80
    SI for first year = 40/2 = Rs. 20
    Required Rate% = 0.80/20 × 100 = 4 %

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