Find the compound interest on Rs. 20000 for 1 year at 12% per annum, compounded quarterly. MCQ with Answer and Explanation
Question
Report Error
Discuss this Question (0)
Practice More Compound Interest Questions
Question #1
Report Error
A sum of money at compound interest amounts to thrice itself in 3 years. In how many years will it be 9 times itself?
Correct Answer: Option A
Explanation:
The sum becomes 3 times in 3 years. It will become 3^2 = 9 times in 2 * 3 = 6 years.
The sum becomes 3 times in 3 years. It will become 3^2 = 9 times in 2 * 3 = 6 years.
This question belongs to:
Maths
Compound Interest
Question #2
Report Error
In how many years will Rs. 2000 amount to Rs. 2420 at 10% per annum compound interest, compounded annually?
Correct Answer: Option B
Explanation:
Amount/Principal = 2420 / 2000 = 121 / 100 = (11 / 10)^2. Since the annual rate is 10%, expansion factor is 11/10. Therefore, time = 2 years.
Amount/Principal = 2420 / 2000 = 121 / 100 = (11 / 10)^2. Since the annual rate is 10%, expansion factor is 11/10. Therefore, time = 2 years.
This question belongs to:
Maths
Compound Interest
Question #3
Report Error
In how many years will Rs. 10000 amount to Rs. 13310 at 10% per annum compound interest?
Correct Answer: Option C
Explanation:
10000(1.1)^t = 13310 ⇒ (1.1)^t = 1.331 = (1.1)³ ⇒ t = 3.
10000(1.1)^t = 13310 ⇒ (1.1)^t = 1.331 = (1.1)³ ⇒ t = 3.
This question belongs to:
Maths
Compound Interest
No comments yet. Be the first to start the discussion!