At what rate percent compound interest will Rs. 6000 amount to Rs. 7260 in 2 years? MCQ with Answer and Explanation
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Question #1
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The compound interest on a sum for 2 years at 12% is Rs. 636. The sum is:
Correct Answer: Option A
Explanation:
CI = P[(1.12)² − 1] = P × 0.2544 = 636 ⇒ P = 636/0.2544 = 2500.
CI = P[(1.12)² − 1] = P × 0.2544 = 636 ⇒ P = 636/0.2544 = 2500.
This question belongs to:
Maths
Compound Interest
Question #2
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A sum of money at compound interest becomes Rs. 6050 in 2 years and Rs. 6655 in 3 years. Find the rate.
Correct Answer: Option D
Explanation:
Rate = (6655/6050 − 1)×100 = 10%.
Rate = (6655/6050 − 1)×100 = 10%.
This question belongs to:
Maths
Compound Interest
Question #3
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A sum of money placed at compound interest becomes double of itself in 5 years. In how many years will it become 16 times of itself?
Correct Answer: Option A
Explanation:
The sum becomes 2^1 times in 5 years. It will become 16 (2^4) times in 4 * 5 = 20 years.
The sum becomes 2^1 times in 5 years. It will become 16 (2^4) times in 4 * 5 = 20 years.
This question belongs to:
Maths
Compound Interest
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