Find the compound interest on Rs. 100000 for 1 year at 16% per annum, compounded quarterly. MCQ with Answer and Explanation
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Question #1
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At what rate percent compound interest will Rs. 2700 amount to Rs. 3267 in 2 years?
Correct Answer: Option D
Explanation:
2700(1+r)² = 3267 ⇒ (1+r)² = 1.21 ⇒ r = 10%.
2700(1+r)² = 3267 ⇒ (1+r)² = 1.21 ⇒ r = 10%.
This question belongs to:
Maths
Compound Interest
Question #2
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A sum of money at compound interest amounts to Rs. 18150 in 2 years and Rs. 19965 in 3 years. Find the sum.
Correct Answer: Option C
Explanation:
Rate = (19965/18150 − 1) × 100 = 10%. P = 18150 / 1.21 = 15000.
Rate = (19965/18150 − 1) × 100 = 10%. P = 18150 / 1.21 = 15000.
This question belongs to:
Maths
Compound Interest
Question #3
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The compound interest on Rs. 12000 at 5% per annum for 2 years is:
Correct Answer: Option B
Explanation:
A = 12000 × (1.05)² = 12000 × 1.1025 = 13230, CI = 13230 − 12000 = Rs. 1230.
A = 12000 × (1.05)² = 12000 × 1.1025 = 13230, CI = 13230 − 12000 = Rs. 1230.
This question belongs to:
Maths
Compound Interest
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