The compound interest on a sum for 1 year at 10% compounded half-yearly is Rs. 102.50. The sum is: MCQ with Answer and Explanation
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Question #1
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A sum of money becomes Rs. 24200 in 2 years and Rs. 26620 in 3 years at compound interest compounded annually. Find the sum.
Correct Answer: Option D
Explanation:
Rate of interest = ((26620 - 24200) / 24200) * 100 = (2420 / 24200) * 100 = 10%. Principal P = 24200 / (1 + 10/100)^2 = 24200 / 1.21 = Rs. 20000.
Rate of interest = ((26620 - 24200) / 24200) * 100 = (2420 / 24200) * 100 = 10%. Principal P = 24200 / (1 + 10/100)^2 = 24200 / 1.21 = Rs. 20000.
This question belongs to:
Maths
Compound Interest
Question #2
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In how many years will Rs. 8000 amount to Rs. 8820 at 5% per annum compound interest?
Correct Answer: Option A
Explanation:
8000(1.05)^t = 8820 ⇒ (1.05)^t = 1.1025 ⇒ t = 2.
8000(1.05)^t = 8820 ⇒ (1.05)^t = 1.1025 ⇒ t = 2.
This question belongs to:
Maths
Compound Interest
Question #3
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The compound interest on a certain sum for 2 years at 10% per annum is Rs. 630. Find the principal sum.
Correct Answer: Option C
Explanation:
Effective rate of compound interest for 2 years at 10% = 10 + 10 + (1010)/100 = 21%. Given 21% of P = 630 => P = 630 / 0.21 = Rs. 3000.
Effective rate of compound interest for 2 years at 10% = 10 + 10 + (1010)/100 = 21%. Given 21% of P = 630 => P = 630 / 0.21 = Rs. 3000.
This question belongs to:
Maths
Compound Interest
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