A sum of money at compound interest amounts to Rs. 1352 in 2 years and Rs. 1406.08 in 3 years. Find the sum. MCQ with Answer and Explanation
Question
Report Error
Discuss this Question (0)
Practice More Compound Interest Questions
Question #1
Report Error
What is the compound interest on Rs. 20000 for 1 year at 16% per annum, compounded half-yearly?
Correct Answer: Option B
Explanation:
Half-yearly rate = 16/2 = 8%. Time = 2 half-years. Amount = 20000 * (1 + 8/100)^2 = 20000 * 1.1664 = Rs. 23328. Compound Interest = 23328 - 20000 = Rs. 3328.
Half-yearly rate = 16/2 = 8%. Time = 2 half-years. Amount = 20000 * (1 + 8/100)^2 = 20000 * 1.1664 = Rs. 23328. Compound Interest = 23328 - 20000 = Rs. 3328.
This question belongs to:
Maths
Compound Interest
Question #2
Report Error
Find the compound interest on Rs. 8500 at 8% per annum for 2 years.
Correct Answer: Option B
Explanation:
A = 8500 × (1.08)² = 8500 × 1.1664 = 9914.40, CI = 9914.40 − 8500 = Rs. 1414.40.
A = 8500 × (1.08)² = 8500 × 1.1664 = 9914.40, CI = 9914.40 − 8500 = Rs. 1414.40.
This question belongs to:
Maths
Compound Interest
Question #3
Report Error
The difference between simple interest and compound interest on a certain sum of money for 2 years at 4% per annum is Rs. 64. Find the sum.
Correct Answer: Option D
Explanation:
Difference for 2 years = P * (R/100)^2 => 64 = P * (4/100)^2 => 64 = P * (16 / 10000) => P = (64 * 10000) / 16 = Rs. 40000.
Difference for 2 years = P * (R/100)^2 => 64 = P * (4/100)^2 => 64 = P * (16 / 10000) => P = (64 * 10000) / 16 = Rs. 40000.
This question belongs to:
Maths
Compound Interest
No comments yet. Be the first to start the discussion!