Find the compound interest on Rs. 10000 for 1 year at 16% per annum, compounded quarterly. MCQ with Answer and Explanation
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Question #1
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A sum of money at compound interest amounts to Rs. 6655 in 3 years and to Rs. 7320.50 in 4 years. Find the rate of interest.
Correct Answer: Option D
Explanation:
Rate = (7320.50/6655 − 1) × 100 = (1.1 − 1) × 100 = 10%.
Rate = (7320.50/6655 − 1) × 100 = (1.1 − 1) × 100 = 10%.
This question belongs to:
Maths
Compound Interest
Question #2
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What sum will amount to Rs. 2420 in 2 years at 10% per annum compound interest?
Correct Answer: Option B
Explanation:
P = 2420 / (1.1)² = 2420 / 1.21 = 2000.
P = 2420 / (1.1)² = 2420 / 1.21 = 2000.
This question belongs to:
Maths
Compound Interest
Question #3
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The population of a small community grows by 10% in the first year and decreases by 10% in the second year. If the population at the end of 2 years is 39600, find the original population.
Correct Answer: Option B
Explanation:
Net change over 2 years = +10 - 10 - (1010)/100 = -1% (decrease). So, 99% of original population = 39600 => Original population = 39600 / 0.99 = 40000.
Net change over 2 years = +10 - 10 - (1010)/100 = -1% (decrease). So, 99% of original population = 39600 => Original population = 39600 / 0.99 = 40000.
This question belongs to:
Maths
Compound Interest
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