At what rate of compound interest will Rs. 2000 amount to Rs. 2205 in 2 years? MCQ with Answer and Explanation
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Question #1
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A sum of money at compound interest becomes Rs. 7396 in 2 years and Rs. 7950.70 in 3 years. Find the sum.
Correct Answer: Option B
Explanation:
Rate = (7950.70/7396 - 1)*100 = 7.5%? 7950.70/7396 = 1.075, so 7.5%. P = 7396 / (1.075)² = 7396 / 1.155625 = 6400 exactly. Check: 1.075^2 = 1.155625, 6400*1.155625 = 7396. So answer 6400.
Rate = (7950.70/7396 - 1)*100 = 7.5%? 7950.70/7396 = 1.075, so 7.5%. P = 7396 / (1.075)² = 7396 / 1.155625 = 6400 exactly. Check: 1.075^2 = 1.155625, 6400*1.155625 = 7396. So answer 6400.
This question belongs to:
Maths
Compound Interest
Question #2
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The compound interest on Rs. 9500 at 8% per annum for 2 years is:
Correct Answer: Option C
Explanation:
A = 9500 × (1.08)² = 9500 × 1.1664 = 11080.80, CI = 11080.80 − 9500 = Rs. 1580.80.
A = 9500 × (1.08)² = 9500 × 1.1664 = 11080.80, CI = 11080.80 − 9500 = Rs. 1580.80.
This question belongs to:
Maths
Compound Interest
Question #3
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At what rate percent compound interest will Rs. 4000 amount to Rs. 4630.50 in 3 years?
Correct Answer: Option B
Explanation:
4000(1+r)³ = 4630.50 ⇒ (1+r)³ = 1.157625 = (1.05)³ ⇒ r = 5%.
4000(1+r)³ = 4630.50 ⇒ (1+r)³ = 1.157625 = (1.05)³ ⇒ r = 5%.
This question belongs to:
Maths
Compound Interest
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