Find the compound interest on Rs. 10000 at 8% per annum compounded quarterly for 1 year. MCQ with Answer and Explanation

Find the compound interest on Rs. 10000 at 8% per annum compounded quarterly for 1 year.

A. Rs. 816

B. Rs. 800

C. Rs. 824.32

D. Rs. 832

Answer: Option C

Quarterly rate = 2%, n = 4. A = 10000 × (1.02)⁴ = 10000 × 1.08243216 = 10824.3216, CI = Rs. 824.32.

This question belongs to: Maths Compound Interest

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Question #1 Report Error

A sum of money at compound interest becomes 3 times in 4 years. In how many years will it become 9 times?

A. 6 years

B. 12 years

C. 10 years

D. 8 years

Correct Answer: Option D

Explanation:
3 times in 4 years, 9=3² ⇒ 4×2=8 years.

This question belongs to: Maths Compound Interest

Question #2 Report Error

A sum of money at compound interest becomes Rs. 8820 in 2 years and Rs. 9261 in 3 years. Find the rate.

A. 4%

B. 3%

C. 5%

D. 6%

Correct Answer: Option C

Explanation:
Rate = (9261/8820 − 1) × 100 = (1.05 − 1)×100 = 5%.

This question belongs to: Maths Compound Interest

Question #3 Report Error

What sum will amount to Rs. 13310 in 3 years at 10% per annum compound interest?

A. Rs. 10500

B. Rs. 9500

C. Rs. 9000

D. Rs. 10000

Correct Answer: Option D

Explanation:
P = 13310 / (1.1)³ = 13310 / 1.331 = 10000.

This question belongs to: Maths Compound Interest