Find the compound interest on Rs. 9000 at 8% per annum for 2 years. MCQ with Answer and Explanation

Find the compound interest on Rs. 9000 at 8% per annum for 2 years.

A. Rs. 1500

B. Rs. 1524.80

C. Rs. 1497.60

D. Rs. 1512

Answer: Option C

A = 9000 × (1.08)² = 9000 × 1.1664 = 10497.60, CI = 10497.60 − 9000 = Rs. 1497.60.

This question belongs to: Maths Compound Interest

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Question #1 Report Error

A sum of money doubles itself in 8 years at compound interest. In how many years will it become four times of itself?

A. 16 years

B. 12 years

C. 20 years

D. 24 years

Correct Answer: Option A

Explanation:
The sum doubles (2^1) in 8 years. It will become 4 (2^2) times in 2 * 8 = 16 years.

This question belongs to: Maths Compound Interest

Question #2 Report Error

In how many years will a sum of Rs. 2000 amount to Rs. 2662 at 10% per annum compound interest?

A. 5 years

B. 2 years

C. 3 years

D. 4 years

Correct Answer: Option C

Explanation:
2000 × (1.1)^t = 2662 ⇒ (1.1)^t = 1.331 = (1.1)³ ⇒ t = 3.

This question belongs to: Maths Compound Interest

Question #3 Report Error

A sum of money invested at compound interest amounts to Rs. 4624 in 2 years and to Rs. 4913 in 3 years. Find the rate of interest per annum.

A. 6.25%

B. 5%

C. 6%

D. 6.5%

Correct Answer: Option A

Explanation:
Interest for the 3rd year = 4913 - 4624 = Rs. 289. Rate of interest = (289 / 4624) * 100 = 0.0625 * 100 = 6.25%.

This question belongs to: Maths Compound Interest