A sum of money amounts to Rs. 10816 in 2 years and Rs. 11248.64 in 3 years at compound interest. Find the sum. MCQ with Answer and Explanation
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Question #1
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What sum will amount to Rs. 8820 in 2 years at 5% compound interest?
Correct Answer: Option C
Explanation:
P = 8820 / 1.1025 = 8000.
P = 8820 / 1.1025 = 8000.
This question belongs to:
Maths
Compound Interest
Question #2
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The compound interest on Rs. 12500 at 8% per annum for 1 year compounded half-yearly is:
Correct Answer: Option D
Explanation:
Half-yearly rate = 4%, n=2. A = 12500 × (1.04)² = 12500 × 1.0816 = 13520, CI = 13520 − 12500 = Rs. 1020.
Half-yearly rate = 4%, n=2. A = 12500 × (1.04)² = 12500 × 1.0816 = 13520, CI = 13520 − 12500 = Rs. 1020.
This question belongs to:
Maths
Compound Interest
Question #3
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A sum of money amounts to Rs. 4840 in 2 years and to Rs. 5324 in 3 years at compound interest compounded annually. Find the principal sum.
Correct Answer: Option C
Explanation:
Rate of interest = ((5324 - 4840) / 4840) * 100 = (484 / 4840) * 100 = 10%. Principal P = 4840 / (1 + 10/100)^2 = 4840 / 1.21 = Rs. 4000.
Rate of interest = ((5324 - 4840) / 4840) * 100 = (484 / 4840) * 100 = 10%. Principal P = 4840 / (1 + 10/100)^2 = 4840 / 1.21 = Rs. 4000.
This question belongs to:
Maths
Compound Interest
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