The compound interest on a certain sum of money for 2 years at 5% per annum is Rs. 246. What is the sum? MCQ with Answer and Explanation
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Question #1
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The population of a small community grows by 10% in the first year and decreases by 10% in the second year. If the population at the end of 2 years is 39600, find the original population.
Correct Answer: Option A
Explanation:
Net change over 2 years = +10 - 10 - (1010)/100 = -1% (decrease). So, 99% of original population = 39600 => Original population = 39600 / 0.99 = 40000.
Net change over 2 years = +10 - 10 - (1010)/100 = -1% (decrease). So, 99% of original population = 39600 => Original population = 39600 / 0.99 = 40000.
This question belongs to:
Maths
Compound Interest
Question #2
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A sum of money invested at compound interest doubles itself in 10 years. In how many years will it become 4 times of itself?
Correct Answer: Option D
Explanation:
The sum doubles (2^1) in 10 years. It will become 4 (2^2) times in 2 * 10 = 20 years.
The sum doubles (2^1) in 10 years. It will become 4 (2^2) times in 2 * 10 = 20 years.
This question belongs to:
Maths
Compound Interest
Question #3
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The compound interest on Rs. 1900 at 10% per annum for 2 years is:
Correct Answer: Option B
Explanation:
A = 1900 × 1.21 = 2299, CI = 2299 − 1900 = Rs. 399.
A = 1900 × 1.21 = 2299, CI = 2299 − 1900 = Rs. 399.
This question belongs to:
Maths
Compound Interest
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