At what rate of compound interest will Rs. 12800 amount to Rs. 15488 in 2 years? MCQ with Answer and Explanation
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Question #1
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The effective rate of interest for 6% per annum compounded half-yearly is:
Correct Answer: Option C
Explanation:
Effective rate = (1.03)² − 1 = 1.0609 − 1 = 6.09%.
Effective rate = (1.03)² − 1 = 1.0609 − 1 = 6.09%.
This question belongs to:
Maths
Compound Interest
Question #2
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A sum of money at compound interest amounts to Rs. 14520 in 2 years and to Rs. 15972 in 3 years. Find the sum.
Correct Answer: Option A
Explanation:
Rate = (15972/14520 − 1) × 100 = 10%. P = 14520 / (1.1)² = 14520 / 1.21 = 12000.
Rate = (15972/14520 − 1) × 100 = 10%. P = 14520 / (1.1)² = 14520 / 1.21 = 12000.
This question belongs to:
Maths
Compound Interest
Question #3
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At what rate percent compound interest will Rs. 8000 amount to Rs. 9680 in 2 years?
Correct Answer: Option B
Explanation:
8000(1+r)² = 9680 ⇒ (1+r)² = 1.21 ⇒ r = 10%.
8000(1+r)² = 9680 ⇒ (1+r)² = 1.21 ⇒ r = 10%.
This question belongs to:
Maths
Compound Interest
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