A man invested Rs. 15000 at compound interest for 2 years at 4% per annum. Find the amount. MCQ with Answer and Explanation

A man invested Rs. 15000 at compound interest for 2 years at 4% per annum. Find the amount.

A. Rs. 16300

B. Rs. 16240

C. Rs. 16224

D. Rs. 16400

Answer: Option C

A = 15000 × (1.04)² = 15000 × 1.0816 = 16224.

This question belongs to: Maths Compound Interest

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Question #1 Report Error

In how many years will Rs. 800 amount to Rs. 968 at 10% per annum compound interest?

A. 3 years

B. 1.5 years

C. 2 years

D. 2.5 years

Correct Answer: Option C

Explanation:
800(1.1)^t = 968 ⇒ (1.1)^t = 1.21 = (1.1)² ⇒ t = 2.

This question belongs to: Maths Compound Interest

Question #2 Report Error

Find the amount of Rs. 5000 at compound interest for 3 years at 4% per annum.

A. Rs. 5600

B. Rs. 5648

C. Rs. 5660

D. Rs. 5624.32

Correct Answer: Option D

Explanation:
A = 5000 × (1.04)³ = 5000 × 1.124864 = 5624.32.

This question belongs to: Maths Compound Interest

Question #3 Report Error

A sum of money placed at compound interest becomes double of itself in 10 years. In how many years will it become 8 times of itself?

A. 30 years

B. 20 years

C. 50 years

D. 40 years

Correct Answer: Option A

Explanation:
The sum becomes 2^1 times in 10 years. It will become 8 (2^3) times in 3 * 10 = 30 years.

This question belongs to: Maths Compound Interest