Find the compound interest on Rs. 30000 for 1 year at 8% per annum, compounded quarterly. MCQ with Answer and Explanation

Find the compound interest on Rs. 30000 for 1 year at 8% per annum, compounded quarterly.

A. Rs. 2550.50

B. Rs. 2472.96

C. Rs. 2510.00

D. Rs. 2400.00

Answer: Option B

Solution (By JKExamLibrary)

Quarterly rate = 8 / 4 = 2%. Time = 4 quarters. Amount = 30000 * (1 + 2/100)^4 = 30000 * (1.02)^4 = 30000 * 1.08243216 = Rs. 32472.96. Compound Interest = 32472.96 - 30000 = Rs. 2472.96.

This question belongs to: Maths Compound Interest

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Practice More Compound Interest Questions

Question #1 Report Error

A sum of money amounts to Rs. 12960 in 2 years and Rs. 15552 in 3 years at compound interest. Find the sum.

A. Rs. 9000

B. Rs. 8000

C. Rs. 8500

D. Rs. 9500

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Correct Answer: Option A

Explanation:
Rate = (15552/12960 − 1) × 100 = 20%. P = 12960 / 1.44 = 9000.

This question belongs to: Maths Compound Interest

Question #2 Report Error

A machine depreciates at 10% per annum. Its present value is Rs. 7290. What was its value 3 years ago?

A. Rs. 13000

B. Rs. 10000

C. Rs. 12000

D. Rs. 11000

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Correct Answer: Option B

Explanation:
Value 3 years ago = 7290 / (0.9)³ = 7290 / 0.729 = 10000.

This question belongs to: Maths Compound Interest

Question #3 Report Error

Find the compound interest on Rs. 19600 at 10% per annum for 2 years.

A. Rs. 4312

B. Rs. 3920

C. Rs. 4116

D. Rs. 4508

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Correct Answer: Option C

Explanation:
A = 19600 × 1.21 = 23716, CI = 23716 − 19600 = Rs. 4116.

This question belongs to: Maths Compound Interest

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