In how many years will Rs. 1000 amount to Rs. 1157.625 at 5% per annum compound interest? MCQ with Answer and Explanation
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Question #1
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Find the compound interest on Rs. 13200 at 10% per annum for 2 years.
Correct Answer: Option D
Explanation:
A = 13200 × 1.21 = 15972, CI = 15972 − 13200 = Rs. 2772.
A = 13200 × 1.21 = 15972, CI = 15972 − 13200 = Rs. 2772.
This question belongs to:
Maths
Compound Interest
Question #2
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A sum of money placed at compound interest becomes double of itself in 2 years. In how many years will it become 16 times of itself?
Correct Answer: Option C
Explanation:
The sum becomes 2^1 times in 2 years. It will become 16 (2^4) times in 4 * 2 = 8 years.
The sum becomes 2^1 times in 2 years. It will become 16 (2^4) times in 4 * 2 = 8 years.
This question belongs to:
Maths
Compound Interest
Question #3
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The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is Rs. 155. Find the sum.
Correct Answer: Option A
Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 155 = P * (10/100)^2 * (3 + 10/100) => 155 = P * (1/100) * (3.1) => 155 = P * 0.031 => P = 155 / 0.031 = Rs. 5000.
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 155 = P * (10/100)^2 * (3 + 10/100) => 155 = P * (1/100) * (3.1) => 155 = P * 0.031 => P = 155 / 0.031 = Rs. 5000.
This question belongs to:
Maths
Compound Interest
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