Find the compound interest on Rs. 40000 for 1 year at 12% per annum, compounded quarterly. MCQ with Answer and Explanation
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Question #1
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The compound interest on Rs. 4600 at 10% per annum for 2 years is:
Correct Answer: Option B
Explanation:
A = 4600 × 1.21 = 5566, CI = 5566 − 4600 = Rs. 966.
A = 4600 × 1.21 = 5566, CI = 5566 − 4600 = Rs. 966.
This question belongs to:
Maths
Compound Interest
Question #2
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The simple interest on a sum for 2 years at 8% is Rs. 320. The compound interest on the same sum for 2 years at 8% is:
Correct Answer: Option A
Explanation:
P = 32000/(8×2) = 2000. CI = 2000 × 0.1664 = 332.80.
P = 32000/(8×2) = 2000. CI = 2000 × 0.1664 = 332.80.
This question belongs to:
Maths
Compound Interest
Question #3
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Find the compound interest on Rs. 10000 for 1 year at 20% per annum, compounded quarterly.
Correct Answer: Option D
Explanation:
Quarterly rate = 20 / 4 = 5%. Time = 4 quarters. Amount = 10000 * (1 + 5/100)^4 = 10000 * (1.05)^4 = 10000 * 1.21550625 = Rs. 12155.06. Compound Interest = 12155.06 - 10000 = Rs. 2155.06.
Quarterly rate = 20 / 4 = 5%. Time = 4 quarters. Amount = 10000 * (1 + 5/100)^4 = 10000 * (1.05)^4 = 10000 * 1.21550625 = Rs. 12155.06. Compound Interest = 12155.06 - 10000 = Rs. 2155.06.
This question belongs to:
Maths
Compound Interest
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