In how many years will Rs. 1200 amount to Rs. 1323 at 5% per annum compound interest? MCQ with Answer and Explanation
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Question #1
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At what rate percent compound interest will Rs. 625 become Rs. 676 in 2 years?
Correct Answer: Option C
Explanation:
625(1+r)² = 676 ⇒ (1+r)² = 1.0816 = (1.04)² ⇒ r = 4%.
625(1+r)² = 676 ⇒ (1+r)² = 1.0816 = (1.04)² ⇒ r = 4%.
This question belongs to:
Maths
Compound Interest
Question #2
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The compound interest on a sum for 2 years at 11% is Rs. 464.20. The sum is:
Correct Answer: Option C
Explanation:
CI = P[(1.11)² − 1] = P × 0.2321 = 464.20 ⇒ P = 2000.
CI = P[(1.11)² − 1] = P × 0.2321 = 464.20 ⇒ P = 2000.
This question belongs to:
Maths
Compound Interest
Question #3
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A sum of money at compound interest becomes 11 times in 2 years. In how many years will it become 121 times?
Correct Answer: Option B
Explanation:
121 = 11², so 2 × 2 = 4 years.
121 = 11², so 2 × 2 = 4 years.
This question belongs to:
Maths
Compound Interest
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