In how many years will Rs. 4000 amount to Rs. 4410 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. 2400 amount to Rs. 2646 in 2 years?
Correct Answer: Option D
Explanation:
2400(1+r)² = 2646 ⇒ (1+r)² = 1.1025 ⇒ r = 5%.
2400(1+r)² = 2646 ⇒ (1+r)² = 1.1025 ⇒ r = 5%.
This question belongs to:
Maths
Compound Interest
Question #2
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The simple interest on a sum for 3 years at 10% is Rs. 900. The compound interest on the same sum for 2 years at 10% is:
Correct Answer: Option C
Explanation:
P = 90000/(10×3) = 3000. CI = 3000 × 0.21 = 630.
P = 90000/(10×3) = 3000. CI = 3000 × 0.21 = 630.
This question belongs to:
Maths
Compound Interest
Question #3
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What is the compound interest on Rs. 10000 for 1 year at 16% per annum, compounded half-yearly?
Correct Answer: Option B
Explanation:
Half-yearly rate = 16/2 = 8%. Time = 2 half-years. Amount = 10000 * (1 + 8/100)^2 = 10000 * 1.1664 = Rs. 11664. Compound Interest = 11664 - 10000 = Rs. 1664.
Half-yearly rate = 16/2 = 8%. Time = 2 half-years. Amount = 10000 * (1 + 8/100)^2 = 10000 * 1.1664 = Rs. 11664. Compound Interest = 11664 - 10000 = Rs. 1664.
This question belongs to:
Maths
Compound Interest
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