At what rate percent compound interest will Rs. 20000 amount to Rs. 22050 in 2 years? MCQ with Answer and Explanation
Question
Report Error
Discuss this Question (0)
Practice More Compound Interest Questions
Question #1
Report Error
What sum will amount to Rs. 13310 in 3 years at 10% per annum compound interest?
Correct Answer: Option D
Explanation:
P = 13310 / (1.1)³ = 13310 / 1.331 = 10000.
P = 13310 / (1.1)³ = 13310 / 1.331 = 10000.
This question belongs to:
Maths
Compound Interest
Question #2
Report Error
What is the compound interest on Rs. 10000 for 1 year at 8% per annum, compounded quarterly?
Correct Answer: Option A
Explanation:
Quarterly rate = 8 / 4 = 2%. Time = 4 quarters. Amount = 10000 * (1 + 2/100)^4 = 10000 * (1.02)^4 = 10000 * 1.082432 = Rs. 10824.32. Compound Interest = 10824.32 - 10000 = Rs. 824.32.
Quarterly rate = 8 / 4 = 2%. Time = 4 quarters. Amount = 10000 * (1 + 2/100)^4 = 10000 * (1.02)^4 = 10000 * 1.082432 = Rs. 10824.32. Compound Interest = 10824.32 - 10000 = Rs. 824.32.
This question belongs to:
Maths
Compound Interest
Question #3
Report Error
A sum of money placed at compound interest becomes double of itself in 2 years. In how many years will it become 16 times of itself?
Correct Answer: Option D
Explanation:
The sum becomes 2^1 times in 2 years. It will become 16 (2^4) times in 4 * 2 = 8 years.
The sum becomes 2^1 times in 2 years. It will become 16 (2^4) times in 4 * 2 = 8 years.
This question belongs to:
Maths
Compound Interest
No comments yet. Be the first to start the discussion!