A sum of money at compound interest doubles in 10 years. In how many years will it become 8 times? MCQ with Answer and Explanation
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Question #1
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A sum of money at compound interest doubles in 5 years. In how many years will it become 16 times?
Correct Answer: Option B
Explanation:
16 = 2⁴, so 5 × 4 = 20 years.
16 = 2⁴, so 5 × 4 = 20 years.
This question belongs to:
Maths
Compound Interest
Question #2
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Find the amount of Rs. 5000 at compound interest for 3 years at 4% per annum.
Correct Answer: Option A
Explanation:
A = 5000 × (1.04)³ = 5000 × 1.124864 = 5624.32.
A = 5000 × (1.04)³ = 5000 × 1.124864 = 5624.32.
This question belongs to:
Maths
Compound Interest
Question #3
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The compound interest on a certain sum for 2 years at 10% per annum is Rs. 1260. Find the principal sum.
Correct Answer: Option B
Explanation:
Effective rate of compound interest for 2 years at 10% = 10 + 10 + (1010)/100 = 21%. Given 21% of P = 1260 => P = 1260 / 0.21 = Rs. 6000.
Effective rate of compound interest for 2 years at 10% = 10 + 10 + (1010)/100 = 21%. Given 21% of P = 1260 => P = 1260 / 0.21 = Rs. 6000.
This question belongs to:
Maths
Compound Interest
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