What is the rate of compound interest? I. The principal was invested for 4 years

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Question
What is the rate of compound interest? I. The principal was invested for 4 years. II. The earned interest was Rs. 1491.
Options
A. I alone sufficient while II alone not sufficient to answer
B. II alone sufficient while I alone not sufficient to answer
C. Either I or II alone sufficient to answer
D. Either I or II alone sufficient to answer

Correct Answer

Either I or II alone sufficient to answer

Explanation

Let Principal = Rs. P and Rate = R% p.a. Then,

Amount= $R s . [P {(1 + \frac{R}{100})}^{4}]$

C.I = $P [{(1 + \frac{R}{100})}^{4} - 1]$

$P [{(1 + \frac{R}{100})}^{4} - 1] = 1491$

Clearly, it does not give the answer

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Compound Interest problems

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1. The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period (in years) is:
Options
A. 3years
B. 2years
C. 4years
D. 6years

2. What is the difference between the compound interests on Rs. 5000 for 112 years at 4% per annum compounded yearly and half-yearly?
Options
A. Rs.3.06
B. Rs.2.04
C. Rs.3.65
D. Rs.5.40

3. Find the compound interest on Rs.16,000 at 20% per annum for 9 months, compounded quartely.
Options
A. Rs.2522
B. Rs.2422
C. Rs.3522
D. Rs.2322

5. A bank offers 15% compound interest per half year. A customer deposits Rs 7200 each on 1st January and 1st July of a year. At the end of the year, the amount he would have gained by means of interest is
Options
A. Rs 6803
B. Rs 850
C. Rs 3402
D. Rs 1701

6. If the simple interest on a sum of money for 2 years at 5% per annum is Rs. 50, what is the compound interest on the same at the same rate and for the same time
Options
A. Rs.51.25
B. Rs.61.25
C. Rs.51
D. Rs.42

7. The difference between simple interest and compound on Rs. 1200 for one year at 10% per annum reckoned half-yearly is
Options
A. Rs.2
B. Rs.3
C. Rs.4
D. Rs.5

8. The difference between compound interest and simple interest on an amount of Rs. 15,000 for 2 years is Rs. 96. What is the rate of interest per annum?
Options
A. 8
B. 10
C. 12
D. 14

9. An amount of money was lent for 3 years. What will be the difference between the simple and the compound interest earned on it at the same rate? I. The rate of interest was 8 p.c.p.a. II. The total amount of simple interest was Rs. 1200
Options
A. I alone sufficient while II alone not sufficient to answer
B. alone sufficient while I alone not sufficient to answer
C. Both I and II are not sufficient to answer
D. Both I and II are necessary to answer

10. If you deposit $6500 into an account paying 8% annual interest compounded monthly, how much money will be in the account after 7 years?
Options
A. 11358.24
B. 12334
C. 15789
D. 12386

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