At what rate percent per annum will Rs. 8000 amount to Rs. 9261 in 3 years, compound interest compounded annually? MCQ with Answer and Explanation
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Question #1
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In how many years will Rs. 5000 become Rs. 5618 at 6% compound interest?
Correct Answer: Option C
Explanation:
5000(1.06)^t = 5618 ⇒ (1.06)^t = 1.1236 = (1.06)² ⇒ t = 2.
5000(1.06)^t = 5618 ⇒ (1.06)^t = 1.1236 = (1.06)² ⇒ t = 2.
This question belongs to:
Maths
Compound Interest
Question #2
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Find the compound interest on Rs. 10000 for 2 years at 4% per annum, the interest being compounded half-yearly.
Correct Answer: Option A
Explanation:
Half-yearly rate = 4/2 = 2%. Time = 2 years = 4 half-years. Amount = 10000 * (1 + 2/100)^4 = 10000 * (1.02)^4 = 10000 * 1.082432 = Rs. 10824.32. Compound Interest = 10824.32 - 10000 = Rs. 824.32.
Half-yearly rate = 4/2 = 2%. Time = 2 years = 4 half-years. 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
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A sum of money at compound interest becomes 3 times in 5 years. In how many years will it become 9 times?
Correct Answer: Option D
Explanation:
3 times in 5 years; 9 = 3² ⇒ 5 × 2 = 10 years.
3 times in 5 years; 9 = 3² ⇒ 5 × 2 = 10 years.
This question belongs to:
Maths
Compound Interest
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