Find the amount on Rs. 8000 at 10% per annum compound interest for 3 years. MCQ with Answer and Explanation

Question Report Error

Find the amount on Rs. 8000 at 10% per annum compound interest for 3 years.

A. Rs. 11200

B. Rs. 10800

C. Rs. 11000

D. Rs. 10648

Answer: Option D

Solution (By JKExamLibrary)

A = 8000 × (1.1)³ = 8000 × 1.331 = 10648.

This question belongs to: Maths Compound Interest

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Practice More Compound Interest Questions

Question #1 Report Error

Find the compound interest on Rs. 50000 for 1 year at 12% per annum, compounded quarterly.

A. Rs. 6520.50

B. Rs. 6400.00

C. Rs. 6000.00

D. Rs. 6275.44

View Answer & Solution Discuss

Correct Answer: Option D

Explanation:
Quarterly rate = 12 / 4 = 3%. Time = 4 quarters. Amount = 50000 * (1 + 3/100)^4 = 50000 * (1.03)^4 = 50000 * 1.12550881 = Rs. 56275.44. Compound Interest = 56275.44 - 50000 = Rs. 6275.44.

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?

A. Rs. 832.00

B. Rs. 841.60

C. Rs. 800.00

D. Rs. 824.32

View Answer & Solution Discuss

Correct Answer: Option D

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.

This question belongs to: Maths Compound Interest