Find the compound interest on Rs. 5600 at 5% per annum for 2 years. MCQ with Answer and Explanation
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Question #1
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The effective annual rate for 11% per annum compounded half-yearly is:
Correct Answer: Option B
Explanation:
Half-yearly rate 5.5%, (1.055)² = 1.113025, effective = 11.3025% ≈ 11.30%.
Half-yearly rate 5.5%, (1.055)² = 1.113025, effective = 11.3025% ≈ 11.30%.
This question belongs to:
Maths
Compound Interest
Question #2
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A sum of money at compound interest doubles in 8 years. In how many years will it become 16 times?
Correct Answer: Option D
Explanation:
Doubles in 8 years; 16 = 2⁴, so time = 8 × 4 = 32 years.
Doubles in 8 years; 16 = 2⁴, so time = 8 × 4 = 32 years.
This question belongs to:
Maths
Compound Interest
Question #3
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A sum doubles in 5 years at compound interest. In how many years will it become 4 times?
Correct Answer: Option A
Explanation:
Doubles in 5 years, so quadruple (2²) in 5 × 2 = 10 years.
Doubles in 5 years, so quadruple (2²) in 5 × 2 = 10 years.
This question belongs to:
Maths
Compound Interest
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