A sum of money at compound interest amounts to Rs. 12960 in 2 years and Rs. 15552 in 3 years. Find the sum. MCQ with Answer and Explanation
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Question #1
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The compound interest on Rs. 11000 at 10% per annum for 2 years is:
Correct Answer: Option D
Explanation:
A = 11000 × 1.21 = 13310, CI = 13310 − 11000 = Rs. 2310.
A = 11000 × 1.21 = 13310, CI = 13310 − 11000 = Rs. 2310.
This question belongs to:
Maths
Compound Interest
Question #2
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A sum of money at compound interest amounts to Rs. 16105 in 2 years and Rs. 17715.50 in 3 years. Find the sum.
Correct Answer: Option B
Explanation:
Rate = (17715.50/16105 − 1) × 100 = 10%. P = 16105 / 1.21 = 13310? 16105/1.21 = 13310 exactly. So answer D 13310.
Rate = (17715.50/16105 − 1) × 100 = 10%. P = 16105 / 1.21 = 13310? 16105/1.21 = 13310 exactly. So answer D 13310.
This question belongs to:
Maths
Compound Interest
Question #3
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Find the compound interest on Rs. 10000 for 2 years at 4% per annum, the interest being compounded half-yearly.
Correct Answer: Option C
Explanation:
Half-yearly rate = 4/2 = 2%. Time = 2 years = 4 half-years. Amount = 10000 * (1 + 2/100)^4 = 10000 * (1.02)^4 = 10000 * 1.082432 = Rs. 10824.32. Compound Interest = 10824.32 - 10000 = Rs. 824.32.
Half-yearly rate = 4/2 = 2%. Time = 2 years = 4 half-years. Amount = 10000 * (1 + 2/100)^4 = 10000 * (1.02)^4 = 10000 * 1.082432 = Rs. 10824.32. Compound Interest = 10824.32 - 10000 = Rs. 824.32.
This question belongs to:
Maths
Compound Interest
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