A sum of money amounts to Rs. 12960 in 2 years and Rs. 15552 in 3 years at compound interest. Find the sum. MCQ with Answer and Explanation
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Question #1
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The compound interest on Rs. 3000 for 3 years at 5% per annum is:
Correct Answer: Option B
Explanation:
A = 3000 × (1.05)³ = 3000 × 1.157625 = 3472.875, CI = 3472.875 − 3000 = Rs. 472.875.
A = 3000 × (1.05)³ = 3000 × 1.157625 = 3472.875, CI = 3472.875 − 3000 = Rs. 472.875.
This question belongs to:
Maths
Compound Interest
Question #2
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What is the compound interest on Rs. 80000 for 1 year at 10% per annum, compounded half-yearly?
Correct Answer: Option D
Explanation:
Half-yearly rate = 10/2 = 5%. Time = 2 half-years. Amount = 80000 * (1 + 5/100)^2 = 80000 * 1.1225 = Rs. 88200. Compound Interest = 88200 - 80000 = Rs. 8200.
Half-yearly rate = 10/2 = 5%. Time = 2 half-years. Amount = 80000 * (1 + 5/100)^2 = 80000 * 1.1225 = Rs. 88200. Compound Interest = 88200 - 80000 = Rs. 8200.
This question belongs to:
Maths
Compound Interest
Question #3
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In how many years will Rs. 4000 amount to Rs. 4410 at 5% per annum compound interest?
Correct Answer: Option B
Explanation:
4000(1.05)^t = 4410 ⇒ (1.05)^t = 1.1025 ⇒ t = 2.
4000(1.05)^t = 4410 ⇒ (1.05)^t = 1.1025 ⇒ t = 2.
This question belongs to:
Maths
Compound Interest
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