In how many years will Rs. 800 amount to Rs. 882 at 5% per annum compound interest? MCQ with Answer and Explanation
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Question #1
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The difference between simple interest and compound interest on a certain sum of money for 2 years at 10% per annum is Rs. 121. Find the sum.
Correct Answer: Option A
Explanation:
Difference for 2 years = P * (R/100)^2 => 121 = P * (10/100)^2 => 121 = P * 0.01 => P = Rs. 12100.
Difference for 2 years = P * (R/100)^2 => 121 = P * (10/100)^2 => 121 = P * 0.01 => P = Rs. 12100.
This question belongs to:
Maths
Compound Interest
Question #2
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A sum of money at compound interest amounts to Rs. 18150 in 2 years and Rs. 19965 in 3 years. Find the sum.
Correct Answer: Option B
Explanation:
Rate = (19965/18150 − 1) × 100 = 10%. P = 18150 / 1.21 = 15000.
Rate = (19965/18150 − 1) × 100 = 10%. P = 18150 / 1.21 = 15000.
This question belongs to:
Maths
Compound Interest
Question #3
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What is the compound interest on Rs. 30000 for 1 year at 10% per annum, compounded half-yearly?
Correct Answer: Option B
Explanation:
Half-yearly rate = 10/2 = 5%. Time = 2 half-years. Amount = 30000 * (1 + 5/100)^2 = 30000 * 1.1225 = Rs. 33075. Compound Interest = 33075 - 30000 = Rs. 3075.
Half-yearly rate = 10/2 = 5%. Time = 2 half-years. Amount = 30000 * (1 + 5/100)^2 = 30000 * 1.1225 = Rs. 33075. Compound Interest = 33075 - 30000 = Rs. 3075.
This question belongs to:
Maths
Compound Interest
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