Find the compound interest on Rs. 10000 for 1 year at 8% per annum, compounded quarterly. MCQ with Answer and Explanation
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Question #1
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A sum becomes Rs. 10816 in 2 years at 4% compound interest. Find the sum.
Correct Answer: Option C
Explanation:
P = 10816 / (1.04)² = 10816 / 1.0816 = 10000.
P = 10816 / (1.04)² = 10816 / 1.0816 = 10000.
This question belongs to:
Maths
Compound Interest
Question #2
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A sum of money at compound interest becomes 9 times in 4 years. In how many years will it become 81 times?
Correct Answer: Option D
Explanation:
81 = 9², so 4 × 2 = 8 years.
81 = 9², so 4 × 2 = 8 years.
This question belongs to:
Maths
Compound Interest
Question #3
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Find the compound interest on Rs. 10000 at 8% per annum for 1 year compounded quarterly.
Correct Answer: Option B
Explanation:
Quarterly rate = 2%, n = 4. A = 10000 × (1.02)⁴ = 10000 × 1.08243216 = 10824.3216, CI ≈ Rs. 824.32.
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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