At what rate percent compound interest will Rs. 1000 become Rs. 1728 in 3 years? MCQ with Answer and Explanation
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Question #1
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Find the compound interest on Rs. 4500 at 10% per annum for 1 year compounded half-yearly.
Correct Answer: Option C
Explanation:
Half-yearly rate 5%, n=2. A = 4500 × (1.05)² = 4500 × 1.1025 = 4961.25, CI = 4961.25 − 4500 = Rs. 461.25.
Half-yearly rate 5%, n=2. A = 4500 × (1.05)² = 4500 × 1.1025 = 4961.25, CI = 4961.25 − 4500 = Rs. 461.25.
This question belongs to:
Maths
Compound Interest
Question #2
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The difference between simple interest and compound interest on a certain sum of money for 3 years at 5% per annum is Rs. 244. Find the sum.
Correct Answer: Option C
Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 244 = P * (5/100)^2 * (3 + 5/100) => 244 = P * (1/400) * (3.05) => P = (244 * 400) / 3.05 = 97600 / 3.05 = Rs. 32000.
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 244 = P * (5/100)^2 * (3 + 5/100) => 244 = P * (1/400) * (3.05) => P = (244 * 400) / 3.05 = 97600 / 3.05 = Rs. 32000.
This question belongs to:
Maths
Compound Interest
Question #3
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The difference between simple interest and compound interest on a certain sum of money for 3 years at 20% per annum is Rs. 640. Find the sum.
Correct Answer: Option B
Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 640 = P * (20/100)^2 * (3 + 20/100) => 640 = P * (1/25) * (3.2) => 640 = P * 0.128 => P = 640 / 0.128 = Rs. 5000.
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 640 = P * (20/100)^2 * (3 + 20/100) => 640 = P * (1/25) * (3.2) => 640 = P * 0.128 => P = 640 / 0.128 = Rs. 5000.
This question belongs to:
Maths
Compound Interest
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