The compound interest on a certain sum for 2 years at 5% per annum is Rs. 246. Find the principal sum. MCQ with Answer and Explanation
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Question #1
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The compound interest on Rs. 900 at 10% per annum for 2 years is:
Correct Answer: Option A
Explanation:
A = 900 × (1.1)² = 900 × 1.21 = 1089, CI = 1089 − 900 = Rs. 189.
A = 900 × (1.1)² = 900 × 1.21 = 1089, CI = 1089 − 900 = Rs. 189.
This question belongs to:
Maths
Compound Interest
Question #2
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A sum of money invested at compound interest doubles itself in 4 years. In how many years will it become 16 times itself?
Correct Answer: Option B
Explanation:
The sum doubles (2^1) in 4 years. It will become 16 (2^4) times in 4 * 4 = 16 years.
The sum doubles (2^1) in 4 years. It will become 16 (2^4) times in 4 * 4 = 16 years.
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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