Find the compound interest on Rs. 3000 at 10% per annum compounded half-yearly for 1 year. MCQ with Answer and Explanation

Find the compound interest on Rs. 3000 at 10% per annum compounded half-yearly for 1 year.

A. Rs. 322.50

B. Rs. 307.50

C. Rs. 315

D. Rs. 300

Answer: Option B

Half-yearly rate 5%, n=2. A = 3000 × (1.05)² = 3000 × 1.1025 = 3307.50, CI = 3307.50 − 3000 = Rs. 307.50.

This question belongs to: Maths Compound Interest

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Question #1 Report Error

What sum will amount to Rs. 13310 in 3 years at 10% per annum compound interest?

A. Rs. 10000

B. Rs. 9000

C. Rs. 9500

D. Rs. 10500

Correct Answer: Option A

Explanation:
P = 13310 / (1.1)³ = 13310 / 1.331 = 10000.

This question belongs to: Maths Compound Interest

Question #2 Report Error

The simple interest on a sum for 2 years at 4% is Rs. 320. The compound interest on the same sum for 2 years at 4% is:

A. Rs. 332.80

B. Rs. 339.20

C. Rs. 345.60

D. Rs. 326.40

Correct Answer: Option D

Explanation:
P = 32000/(4×2) = 4000. CI = 4000 × 0.0816 = 326.40.

This question belongs to: Maths Compound Interest

Question #3 Report Error

In how many years will Rs. 8000 amount to Rs. 8820 at 5% per annum compound interest?

A. 3 years

B. 1 year

C. 2 years

D. 4 years

Correct Answer: Option C

Explanation:
8000(1.05)^t = 8820 ⇒ (1.05)^t = 1.1025 ⇒ t = 2.

This question belongs to: Maths Compound Interest