A sum of money becomes Rs. 11025 in 2 years at 5% compound interest. The sum is: MCQ with Answer and Explanation
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Question #1
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What sum will amount to Rs. 10584 in 2 years at 5% compound interest?
Correct Answer: Option A
Explanation:
P = 10584 / 1.1025 = 9600.
P = 10584 / 1.1025 = 9600.
This question belongs to:
Maths
Compound Interest
Question #2
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The compound interest on a certain sum of money for 2 years at 6% per annum is Rs. 370.80. What would be the simple interest on the same sum at the same rate for the same time?
Correct Answer: Option D
Explanation:
Effective rate of compound interest for 2 years at 6% = 6 + 6 + (66)/100 = 12.36%. Simple interest rate = 6 * 2 = 12%. Given 12.36% of sum = 370.80 => 1% of sum = 30. Simple Interest = 12% of sum = 12 * 30 = Rs. 360.
Effective rate of compound interest for 2 years at 6% = 6 + 6 + (66)/100 = 12.36%. Simple interest rate = 6 * 2 = 12%. Given 12.36% of sum = 370.80 => 1% of sum = 30. Simple Interest = 12% of sum = 12 * 30 = Rs. 360.
This question belongs to:
Maths
Compound Interest
Question #3
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What sum will amount to Rs. 10816 in 2 years at 4% compound interest?
Correct Answer: Option A
Explanation:
P = 10816 / (1.04)² = 10816 / 1.0816 = 10000.
P = 10816 / (1.04)² = 10816 / 1.0816 = 10000.
This question belongs to:
Maths
Compound Interest
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