Find the compound interest on Rs. 24000 at 5% per annum for 2 years. MCQ with Answer and Explanation
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Question #1
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A sum of money placed at compound interest amounts to Rs. 1200 in 2 years and Rs. 1320 in 3 years. Find the rate of interest per annum.
Correct Answer: Option C
Explanation:
Interest earned in the 3rd year = 1320 - 1200 = Rs. 120. Rate of interest = (120 / 1200) * 100 = 10%.
Interest earned in the 3rd year = 1320 - 1200 = Rs. 120. Rate of interest = (120 / 1200) * 100 = 10%.
This question belongs to:
Maths
Compound Interest
Question #2
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A sum of money at compound interest becomes 3 times in 5 years. In how many years will it become 9 times?
Correct Answer: Option C
Explanation:
3 times in 5 years; 9 = 3² ⇒ 5 × 2 = 10 years.
3 times in 5 years; 9 = 3² ⇒ 5 × 2 = 10 years.
This question belongs to:
Maths
Compound Interest
Question #3
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A sum of money amounts to Rs. 4840 in 2 years and to Rs. 5324 in 3 years at compound interest compounded annually. Find the principal sum.
Correct Answer: Option A
Explanation:
Rate of interest = ((5324 - 4840) / 4840) * 100 = (484 / 4840) * 100 = 10%. Principal P = 4840 / (1 + 10/100)^2 = 4840 / 1.21 = Rs. 4000.
Rate of interest = ((5324 - 4840) / 4840) * 100 = (484 / 4840) * 100 = 10%. Principal P = 4840 / (1 + 10/100)^2 = 4840 / 1.21 = Rs. 4000.
This question belongs to:
Maths
Compound Interest
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