A sum of money at compound interest amounts to Rs. 10648 in 3 years and Rs. 11712.80 in 4 years. Find the sum. MCQ with Answer and Explanation
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Question #1
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The compound interest on Rs. 8000 at 10% per annum for 1 year compounded half-yearly is:
Correct Answer: Option A
Explanation:
Half-yearly rate 5%, n=2. A = 8000 × (1.05)² = 8000 × 1.1025 = 8820, CI = 8820 − 8000 = Rs. 820.
Half-yearly rate 5%, n=2. A = 8000 × (1.05)² = 8000 × 1.1025 = 8820, CI = 8820 − 8000 = Rs. 820.
This question belongs to:
Maths
Compound Interest
Question #2
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The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is Rs. 93. Find the sum.
Correct Answer: Option A
Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100). Given 93 = P * (10/100)^2 * (3 + 10/100) => 93 = P * (1/100) * (3.1) => 93 = P * 0.031 => P = 93 / 0.031 = Rs. 3000.
Difference for 3 years = P * (R/100)^2 * (3 + R/100). Given 93 = P * (10/100)^2 * (3 + 10/100) => 93 = P * (1/100) * (3.1) => 93 = P * 0.031 => P = 93 / 0.031 = Rs. 3000.
This question belongs to:
Maths
Compound Interest
Question #3
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The difference between CI and SI on Rs. 4100 for 2 years at 5% is:
Correct Answer: Option A
Explanation:
D = 4100 × 0.0025 = Rs. 10.25.
D = 4100 × 0.0025 = Rs. 10.25.
This question belongs to:
Maths
Compound Interest
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