In how many years will a sum of Rs. 1600 amount to Rs. 1852.20 at 5% compound interest? MCQ with Answer and Explanation
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Question #1
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A sum of money invested at compound interest doubles itself in 20 years. In how many years will it become 4 times of itself?
Correct Answer: Option B
Explanation:
The sum doubles (2^1) in 20 years. It will become 4 (2^2) times in 2 * 20 = 40 years.
The sum doubles (2^1) in 20 years. It will become 4 (2^2) times in 2 * 20 = 40 years.
This question belongs to:
Maths
Compound Interest
Question #2
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Find the compound interest on Rs. 5000 at 12% per annum for 1 year, compounded half-yearly.
Correct Answer: Option C
Explanation:
For half-yearly compounding, New Rate = 12/2 = 6% per half-year, and Time = 2 half-years. Amount = 5000 * (1 + 6/100)^2 = 5000 * 1.1236 = Rs. 5618. Compound Interest = 5618 - 5000 = Rs. 618.
For half-yearly compounding, New Rate = 12/2 = 6% per half-year, and Time = 2 half-years. Amount = 5000 * (1 + 6/100)^2 = 5000 * 1.1236 = Rs. 5618. Compound Interest = 5618 - 5000 = Rs. 618.
This question belongs to:
Maths
Compound Interest
Question #3
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The difference between CI and SI on Rs. 5200 for 2 years at 10% is:
Correct Answer: Option C
Explanation:
D = 5200 × 0.01 = Rs. 52.
D = 5200 × 0.01 = Rs. 52.
This question belongs to:
Maths
Compound Interest
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