A sum of money placed at compound interest becomes double of itself in 6 years. In how many years will it become 8 times of itself? MCQ with Answer and Explanation
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Question #1
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Find the compound interest on Rs. 24000 at 5% per annum for 2 years.
Correct Answer: Option A
Explanation:
A = 24000 × 1.1025 = 26460, CI = 26460 − 24000 = Rs. 2460.
A = 24000 × 1.1025 = 26460, CI = 26460 − 24000 = Rs. 2460.
This question belongs to:
Maths
Compound Interest
Question #2
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What is the compound interest on Rs. 20000 for 1 year at 12% per annum, compounded half-yearly?
Correct Answer: Option A
Explanation:
Half-yearly rate = 12/2 = 6%. Time = 2 half-years. Amount = 20000 * (1 + 6/100)^2 = 20000 * 1.1236 = Rs. 22472. Compound Interest = 22472 - 20000 = Rs. 2472.
Half-yearly rate = 12/2 = 6%. Time = 2 half-years. Amount = 20000 * (1 + 6/100)^2 = 20000 * 1.1236 = Rs. 22472. Compound Interest = 22472 - 20000 = Rs. 2472.
This question belongs to:
Maths
Compound Interest
Question #3
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A sum of money at compound interest becomes 3 times in 4 years. In how many years will it become 9 times?
Correct Answer: Option C
Explanation:
3 times in 4 years, 9=3² ⇒ 4×2=8 years.
3 times in 4 years, 9=3² ⇒ 4×2=8 years.
This question belongs to:
Maths
Compound Interest
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