Find the compound interest on Rs. 4500 at 8% per annum for 2 years. MCQ with Answer and Explanation
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Question #1
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A sum of money at compound interest amounts to Rs. 18150 in 2 years and Rs. 19965 in 3 years. Find the sum.
Correct Answer: Option C
Explanation:
Rate = (19965/18150 − 1) × 100 = 10%. P = 18150 / 1.21 = 15000.
Rate = (19965/18150 − 1) × 100 = 10%. P = 18150 / 1.21 = 15000.
This question belongs to:
Maths
Compound Interest
Question #2
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The compound interest on a certain sum for 2 years at 4% per annum is Rs. 1632. Find the principal sum.
Correct Answer: Option D
Explanation:
Effective rate of compound interest for 2 years at 4% = 4 + 4 + (44)/100 = 8.16%. Given 8.16% of P = 1632 => P = 1632 / 0.0816 = Rs. 20000.
Effective rate of compound interest for 2 years at 4% = 4 + 4 + (44)/100 = 8.16%. Given 8.16% of P = 1632 => P = 1632 / 0.0816 = Rs. 20000.
This question belongs to:
Maths
Compound Interest
Question #3
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The compound interest on Rs. 1000 at 10% per annum for 2 years compounded half-yearly is:
Correct Answer: Option B
Explanation:
Half-yearly rate 5%, n=4. A = 1000 × (1.05)⁴ = 1000 × 1.21550625 = 1215.50625, CI ≈ Rs. 215.50.
Half-yearly rate 5%, n=4. A = 1000 × (1.05)⁴ = 1000 × 1.21550625 = 1215.50625, CI ≈ Rs. 215.50.
This question belongs to:
Maths
Compound Interest
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