Find the compound interest on Rs. 1500 at 10% per annum for 2 years. MCQ with Answer and Explanation
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Question #1
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Find the compound interest on Rs. 10000 for 2 years at 4% per annum, the interest being compounded half-yearly.
Correct Answer: Option A
Explanation:
Half-yearly rate = 4/2 = 2%. Time = 2 years = 4 half-years. Amount = 10000 * (1 + 2/100)^4 = 10000 * (1.02)^4 = 10000 * 1.082432 = Rs. 10824.32. Compound Interest = 10824.32 - 10000 = Rs. 824.32.
Half-yearly rate = 4/2 = 2%. Time = 2 years = 4 half-years. Amount = 10000 * (1 + 2/100)^4 = 10000 * (1.02)^4 = 10000 * 1.082432 = Rs. 10824.32. Compound Interest = 10824.32 - 10000 = Rs. 824.32.
This question belongs to:
Maths
Compound Interest
Question #2
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What sum will amount to Rs. 10584 in 2 years at 5% compound interest?
Correct Answer: Option B
Explanation:
P = 10584 / 1.1025 = 9600.
P = 10584 / 1.1025 = 9600.
This question belongs to:
Maths
Compound Interest
Question #3
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The simple interest on a sum for 2 years at 8% is Rs. 320. The compound interest on the same sum for 2 years at 8% is:
Correct Answer: Option D
Explanation:
P = 32000/(8×2) = 2000. CI = 2000 × 0.1664 = 332.80.
P = 32000/(8×2) = 2000. CI = 2000 × 0.1664 = 332.80.
This question belongs to:
Maths
Compound Interest
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