A sum of money at compound interest becomes Rs. 8820 in 2 years and Rs. 9261 in 3 years. Find the rate. MCQ with Answer and Explanation
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Question #1
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A sum amounts to Rs. 1210 in 2 years and Rs. 1331 in 3 years at compound interest. Find the sum.
Correct Answer: Option C
Explanation:
Rate = (1331/1210 − 1) × 100 = 10%. P = 1210 / (1.1)² = 1210 / 1.21 = 1000.
Rate = (1331/1210 − 1) × 100 = 10%. P = 1210 / (1.1)² = 1210 / 1.21 = 1000.
This question belongs to:
Maths
Compound Interest
Question #2
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What is the compound interest on Rs. 10000 for 1 year at 8% per annum, compounded quarterly?
Correct Answer: Option D
Explanation:
Quarterly rate = 8 / 4 = 2%. Time = 4 quarters. Amount = 10000 * (1 + 2/100)^4 = 10000 * (1.02)^4 = 10000 * 1.082432 = Rs. 10824.32. Compound Interest = 10824.32 - 10000 = Rs. 824.32.
Quarterly rate = 8 / 4 = 2%. Time = 4 quarters. 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
Question #3
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What will be the compound interest on Rs. 1200 at 10% per annum for 2 years?
Correct Answer: Option C
Explanation:
A = 1200 × (1.1)² = 1200 × 1.21 = 1452, CI = 1452 − 1200 = Rs. 252.
A = 1200 × (1.1)² = 1200 × 1.21 = 1452, CI = 1452 − 1200 = Rs. 252.
This question belongs to:
Maths
Compound Interest
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