At what rate percent per annum will Rs. 2304 amount to Rs. 2500 in 2 years at compound interest? MCQ with Answer and Explanation
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Question #1
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A sum of money at compound interest amounts to Rs. 18150 in 2 years and Rs. 19965 in 3 years. Find the sum.
Correct Answer: Option C
Explanation:
Rate = (19965/18150 − 1) × 100 = 10%. P = 18150 / 1.21 = 15000.
Rate = (19965/18150 − 1) × 100 = 10%. P = 18150 / 1.21 = 15000.
This question belongs to:
Maths
Compound Interest
Question #2
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The compound interest on Rs. 2900 at 10% per annum for 2 years is:
Correct Answer: Option C
Explanation:
A = 2900 × 1.21 = 3509, CI = 3509 − 2900 = Rs. 609.
A = 2900 × 1.21 = 3509, CI = 3509 − 2900 = Rs. 609.
This question belongs to:
Maths
Compound Interest
Question #3
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A sum of money yields a compound interest of Rs. 205 in 2 years at 5% per annum. Find the principal sum.
Correct Answer: Option A
Explanation:
Effective rate of compound interest for 2 years at 5% = 5 + 5 + (55)/100 = 10.25%. Given 10.25% of P = 205 => P = 205 / 0.1025 = Rs. 2000.
Effective rate of compound interest for 2 years at 5% = 5 + 5 + (55)/100 = 10.25%. Given 10.25% of P = 205 => P = 205 / 0.1025 = Rs. 2000.
This question belongs to:
Maths
Compound Interest
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