At what rate per annum compound interest will Rs. 1000 become Rs. 1102.50 in 2 years? MCQ with Answer and Explanation
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Question #1
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What is the compound interest on Rs. 40000 for 1 year at 20% per annum, compounded half-yearly?
Correct Answer: Option C
Explanation:
Half-yearly rate = 20/2 = 10%. Time = 2 half-years. Amount = 40000 * (1 + 10/100)^2 = 40000 * 1.21 = Rs. 48400. Compound Interest = 48400 - 40000 = Rs. 8400.
Half-yearly rate = 20/2 = 10%. Time = 2 half-years. Amount = 40000 * (1 + 10/100)^2 = 40000 * 1.21 = Rs. 48400. Compound Interest = 48400 - 40000 = Rs. 8400.
This question belongs to:
Maths
Compound Interest
Question #2
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The difference between CI and SI on Rs. 2000 for 2 years at 4% per annum is:
Correct Answer: Option D
Explanation:
D = 2000 × (0.04)² = 2000 × 0.0016 = Rs. 3.20.
D = 2000 × (0.04)² = 2000 × 0.0016 = Rs. 3.20.
This question belongs to:
Maths
Compound Interest
Question #3
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The compound interest on Rs. 8000 at 10% per annum for 1 year compounded half-yearly is:
Correct Answer: Option C
Explanation:
Half-yearly rate 5%, n=2. A = 8000 × (1.05)² = 8000 × 1.1025 = 8820, CI = 8820 − 8000 = Rs. 820.
Half-yearly rate 5%, n=2. A = 8000 × (1.05)² = 8000 × 1.1025 = 8820, CI = 8820 − 8000 = Rs. 820.
This question belongs to:
Maths
Compound Interest
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