Find the compound interest on Rs. 10000 for 1 year at 12% per annum, compounded quarterly. MCQ with Answer and Explanation
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Question #1
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In how many years will Rs. 1200 amount to Rs. 1323 at 5% per annum compound interest?
Correct Answer: Option C
Explanation:
1200(1.05)^t = 1323 ⇒ (1.05)^t = 1.1025 = (1.05)² ⇒ t = 2.
1200(1.05)^t = 1323 ⇒ (1.05)^t = 1.1025 = (1.05)² ⇒ t = 2.
This question belongs to:
Maths
Compound Interest
Question #2
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What is the compound interest on Rs. 20000 for 1 year at 16% per annum, compounded half-yearly?
Correct Answer: Option A
Explanation:
Half-yearly rate = 16/2 = 8%. Time = 2 half-years. Amount = 20000 * (1 + 8/100)^2 = 20000 * 1.1664 = Rs. 23328. Compound Interest = 23328 - 20000 = Rs. 3328.
Half-yearly rate = 16/2 = 8%. Time = 2 half-years. Amount = 20000 * (1 + 8/100)^2 = 20000 * 1.1664 = Rs. 23328. Compound Interest = 23328 - 20000 = Rs. 3328.
This question belongs to:
Maths
Compound Interest
Question #3
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The compound interest on a sum for 3 years at 10% is Rs. 993. The sum is:
Correct Answer: Option C
Explanation:
CI = P[(1.1)³ − 1] = P × 0.331 = 993 ⇒ P = 993 / 0.331 = 3000.
CI = P[(1.1)³ − 1] = P × 0.331 = 993 ⇒ P = 993 / 0.331 = 3000.
This question belongs to:
Maths
Compound Interest
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