The compound interest on a sum for 2 years at 4% is Rs. 408. The sum is: MCQ with Answer and Explanation
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Question #1
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What is the compound interest on Rs. 40000 for 1 year at 10% per annum, compounded quarterly?
Correct Answer: Option B
Explanation:
Quarterly rate = 10/4 = 2.5%. Time = 4 quarters. Amount = 40000 * (1 + 2.5/100)^4 = 40000 * (1.025)^4 = 40000 * 1.10381289 = Rs. 44152.51. Compound Interest = 44152.51 - 40000 = Rs. 4152.51.
Quarterly rate = 10/4 = 2.5%. Time = 4 quarters. Amount = 40000 * (1 + 2.5/100)^4 = 40000 * (1.025)^4 = 40000 * 1.10381289 = Rs. 44152.51. Compound Interest = 44152.51 - 40000 = Rs. 4152.51.
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Maths
Compound Interest
Question #2
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The simple interest on a sum for 2 years at 4% is Rs. 320. The compound interest on the same sum for 2 years at 4% is:
Correct Answer: Option B
Explanation:
P = 32000/(4×2) = 4000. CI = 4000 × 0.0816 = 326.40.
P = 32000/(4×2) = 4000. CI = 4000 × 0.0816 = 326.40.
This question belongs to:
Maths
Compound Interest
Question #3
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At what rate percent per annum will Rs. 64000 amount to Rs. 68921 in 3 years, compound interest compounded annually?
Correct Answer: Option D
Explanation:
Amount/Principal = 68921 / 64000 = (41 / 40)^3. Therefore, 1 + R/100 = 41/40 => R/100 = 1/40 => R = 2.5%.
Amount/Principal = 68921 / 64000 = (41 / 40)^3. Therefore, 1 + R/100 = 41/40 => R/100 = 1/40 => R = 2.5%.
This question belongs to:
Maths
Compound Interest
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