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# Financial Mathematics – Simple Interest MCQs with Answers

Financial Mathematics – Simple Interest MCQs with Answers

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#### 13. What is the rate of simple interest for the first 4 years if the sum of Rs. 360 becomes Rs. 540 in 9 years and the rate of interest for the last 5 years is 6%?

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Original sum = Rs 360Total interest in 9 years = 540 - 360 = 180Interest in last 5 years = 5 x 6 = 30%= 30/100 x 360 = Rs 108=> Interest in first four years :180 - 108 = Rs 72Interest per annum = 72/4 = 18Rate of interest for first four years = 18/360 x 100 = 5%Check :Interest for four years = 4 x 5 = 20%Interest for next five years = 5 x 6 = 30%Total interest = 20% + 30% = 50%Now 50% of 360 = Rs 180

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#### 16. Find the simple interest on Rs. 5200 for 2 years at 6% per annum.

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Solution: P = Principal Amount T = Time period R = Rate of Interest I=P×T×R /100 I=5200×2×6 / 100 I=624.

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#### 24. Calculate the time T for \$1000 to become\$1300 at a rate of 5 %

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Feedback Time T = SI X 100/P X R Amount = P + I 1300 = 1000 + I I =300 Substitute in formula T = 300 X 100 / 1000 X 5 = 6 years

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## Entrepreneurship MCQs with Answers Part # 3

Entrepreneurship MCQs with Answers Part 3 Question 101 to 120 Questions 121 to 150 For …

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