A sum of money at compound interest becomes 9 times in 4 years. In how many years will it become 81 times? MCQ with Answer and Explanation
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Question #1
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The difference between CI and SI on Rs. 2400 for 2 years at 5% is:
Correct Answer: Option D
Explanation:
D = 2400 × (0.05)² = 2400 × 0.0025 = Rs. 6.
D = 2400 × (0.05)² = 2400 × 0.0025 = Rs. 6.
This question belongs to:
Maths
Compound Interest
Question #2
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What is the compound interest on Rs. 30000 for 1 year at 16% per annum, compounded half-yearly?
Correct Answer: Option D
Explanation:
Half-yearly rate = 16/2 = 8%. Time = 2 half-years. Amount = 30000 * (1 + 8/100)^2 = 30000 * 1.1664 = Rs. 34992. Compound Interest = 34992 - 30000 = Rs. 4992.
Half-yearly rate = 16/2 = 8%. Time = 2 half-years. Amount = 30000 * (1 + 8/100)^2 = 30000 * 1.1664 = Rs. 34992. Compound Interest = 34992 - 30000 = Rs. 4992.
This question belongs to:
Maths
Compound Interest
Question #3
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The compound interest on a certain sum for 2 years at 5% per annum is Rs. 820. Find the principal sum.
Correct Answer: Option C
Explanation:
Effective rate of compound interest for 2 years at 5% = 5 + 5 + (55)/100 = 10.25%. Given 10.25% of P = 820 => P = 820 / 0.1025 = Rs. 8000.
Effective rate of compound interest for 2 years at 5% = 5 + 5 + (55)/100 = 10.25%. Given 10.25% of P = 820 => P = 820 / 0.1025 = Rs. 8000.
This question belongs to:
Maths
Compound Interest
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