Find the compound interest on Rs. 2500 at 12% per annum for 2 years. MCQ with Answer and Explanation
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Question #1
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What is the compound interest on Rs. 10000 for 1 year at 16% per annum, compounded half-yearly?
Correct Answer: Option A
Explanation:
Half-yearly rate = 16/2 = 8%. Time = 2 half-years. Amount = 10000 * (1 + 8/100)^2 = 10000 * 1.1664 = Rs. 11664. Compound Interest = 11664 - 10000 = Rs. 1664.
Half-yearly rate = 16/2 = 8%. Time = 2 half-years. Amount = 10000 * (1 + 8/100)^2 = 10000 * 1.1664 = Rs. 11664. Compound Interest = 11664 - 10000 = Rs. 1664.
This question belongs to:
Maths
Compound Interest
Question #2
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A sum of money doubles itself in 8 years at compound interest. In how many years will it become four times of itself?
Correct Answer: Option A
Explanation:
The sum doubles (2^1) in 8 years. It will become 4 (2^2) times in 2 * 8 = 16 years.
The sum doubles (2^1) in 8 years. It will become 4 (2^2) times in 2 * 8 = 16 years.
This question belongs to:
Maths
Compound Interest
Question #3
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What is the compound interest on Rs. 30000 for 1 year at 10% per annum, compounded half-yearly?
Correct Answer: Option B
Explanation:
Half-yearly rate = 10/2 = 5%. Time = 2 half-years. Amount = 30000 * (1 + 5/100)^2 = 30000 * 1.1225 = Rs. 33075. Compound Interest = 33075 - 30000 = Rs. 3075.
Half-yearly rate = 10/2 = 5%. Time = 2 half-years. Amount = 30000 * (1 + 5/100)^2 = 30000 * 1.1225 = Rs. 33075. Compound Interest = 33075 - 30000 = Rs. 3075.
This question belongs to:
Maths
Compound Interest
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