Find the amount on Rs. 6000 at 8% per annum compound interest for 3 years. MCQ with Answer and Explanation
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Question #1
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The compound interest on Rs. 6000 at 5% per annum for 2 years is:
Correct Answer: Option D
Explanation:
A = 6000 × 1.1025 = 6615, CI = 6615 − 6000 = Rs. 615.
A = 6000 × 1.1025 = 6615, CI = 6615 − 6000 = Rs. 615.
This question belongs to:
Maths
Compound Interest
Question #2
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What is the compound interest on Rs. 50000 for 1.5 years at 4% per annum, compounded half-yearly?
Correct Answer: Option A
Explanation:
Half-yearly rate = 4/2 = 2%. Time = 1.5 years = 3 half-years. Amount = 50000 * (1 + 2/100)^3 = 50000 * (1.02)^3 = 50000 * 1.061208 = Rs. 53060.40. Compound Interest = 53060.40 - 50000 = Rs. 3060.40.
Half-yearly rate = 4/2 = 2%. Time = 1.5 years = 3 half-years. Amount = 50000 * (1 + 2/100)^3 = 50000 * (1.02)^3 = 50000 * 1.061208 = Rs. 53060.40. Compound Interest = 53060.40 - 50000 = Rs. 3060.40.
This question belongs to:
Maths
Compound Interest
Question #3
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The simple interest on a sum for 2 years at 10% is Rs. 400. The compound interest on the same sum for 2 years at 10% is:
Correct Answer: Option A
Explanation:
P = 40000/(10×2) = 2000. CI = 2000[(1.1)² − 1] = 2000 × 0.21 = Rs. 420.
P = 40000/(10×2) = 2000. CI = 2000[(1.1)² − 1] = 2000 × 0.21 = Rs. 420.
This question belongs to:
Maths
Compound Interest
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