A sum of money at compound interest becomes 7 times in 3 years. In how many years will it become 343 times? MCQ with Answer and Explanation
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Question #1
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Find the compound interest on Rs. 30000 for 1 year at 8% per annum, compounded quarterly.
Correct Answer: Option D
Explanation:
Quarterly rate = 8 / 4 = 2%. Time = 4 quarters. Amount = 30000 * (1 + 2/100)^4 = 30000 * (1.02)^4 = 30000 * 1.08243216 = Rs. 32472.96. Compound Interest = 32472.96 - 30000 = Rs. 2472.96.
Quarterly rate = 8 / 4 = 2%. Time = 4 quarters. Amount = 30000 * (1 + 2/100)^4 = 30000 * (1.02)^4 = 30000 * 1.08243216 = Rs. 32472.96. Compound Interest = 32472.96 - 30000 = Rs. 2472.96.
This question belongs to:
Maths
Compound Interest
Question #2
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The difference between CI and SI on Rs. 1100 for 2 years at 10% is:
Correct Answer: Option D
Explanation:
D = 1100 × 0.01 = Rs. 11.
D = 1100 × 0.01 = Rs. 11.
This question belongs to:
Maths
Compound Interest
Question #3
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The simple interest on a sum for 2 years at 4% is Rs. 200. The compound interest on the same sum for 2 years at 4% is:
Correct Answer: Option B
Explanation:
P = 20000/(4×2) = 2500. CI = 2500 × [(1.04)² − 1] = 2500 × 0.0816 = 204.
P = 20000/(4×2) = 2500. CI = 2500 × [(1.04)² − 1] = 2500 × 0.0816 = 204.
This question belongs to:
Maths
Compound Interest
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