In how many years will Rs. 1500 amount to Rs. 1815 at 10% per annum compound interest? MCQ with Answer and Explanation
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Question #1
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The effective rate of interest for 4% per annum compounded half-yearly is:
Correct Answer: Option C
Explanation:
Effective = (1.02)² − 1 = 1.0404 − 1 = 4.04%.
Effective = (1.02)² − 1 = 1.0404 − 1 = 4.04%.
This question belongs to:
Maths
Compound Interest
Question #2
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A sum of money invested at compound interest doubles itself in 7 years. In how many years will it become 8 times of itself?
Correct Answer: Option B
Explanation:
The sum doubles (2^1) in 7 years. It will become 8 (2^3) times in 3 * 7 = 21 years.
The sum doubles (2^1) in 7 years. It will become 8 (2^3) times in 3 * 7 = 21 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 2 years at 6% per annum is Rs. 144. Find the sum.
Correct Answer: Option B
Explanation:
Difference for 2 years = P * (R/100)^2 => 144 = P * (6/100)^2 => 144 = P * (36 / 10000) => P = (144 * 10000) / 36 = Rs. 40000.
Difference for 2 years = P * (R/100)^2 => 144 = P * (6/100)^2 => 144 = P * (36 / 10000) => P = (144 * 10000) / 36 = Rs. 40000.
This question belongs to:
Maths
Compound Interest
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