In how many years will Rs. 4000 amount to Rs. 4630.50 at 5% per annum compound interest? MCQ with Answer and Explanation
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Question #1
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The compound interest on Rs. 2600 at 10% per annum for 2 years is:
Correct Answer: Option D
Explanation:
A = 2600 × 1.21 = 3146, CI = 3146 − 2600 = Rs. 546.
A = 2600 × 1.21 = 3146, CI = 3146 − 2600 = Rs. 546.
This question belongs to:
Maths
Compound Interest
Question #2
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If Rs. 5000 becomes Rs. 5832 in 2 years at compound interest, the rate is:
Correct Answer: Option D
Explanation:
5000(1+r)² = 5832 ⇒ (1+r)² = 1.1664 = (1.08)² ⇒ r = 8%.
5000(1+r)² = 5832 ⇒ (1+r)² = 1.1664 = (1.08)² ⇒ r = 8%.
This question belongs to:
Maths
Compound Interest
Question #3
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The simple interest on a sum at 5% for 3 years is Rs. 600. The compound interest on the same sum for 2 years at 5% is:
Correct Answer: Option B
Explanation:
P = 60000/(5×3) = 4000. CI = 4000[(1.05)² − 1] = 4000 × 0.1025 = Rs. 410.
P = 60000/(5×3) = 4000. CI = 4000[(1.05)² − 1] = 4000 × 0.1025 = Rs. 410.
This question belongs to:
Maths
Compound Interest
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