The compound interest on a sum for 2 years at 8% is Rs. 665.60. The sum is: MCQ with Answer and Explanation
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Question #1
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Find the compound interest on Rs. 10000 for 1 year at 16% per annum, compounded quarterly.
Correct Answer: Option D
Explanation:
Quarterly rate = 16 / 4 = 4%. Time = 4 quarters. Amount = 10000 * (1 + 4/100)^4 = 10000 * (1.04)^4 = 10000 * 1.16985856 = Rs. 11698.59. Compound Interest = 11698.59 - 10000 = Rs. 1698.59.
Quarterly rate = 16 / 4 = 4%. Time = 4 quarters. Amount = 10000 * (1 + 4/100)^4 = 10000 * (1.04)^4 = 10000 * 1.16985856 = Rs. 11698.59. Compound Interest = 11698.59 - 10000 = Rs. 1698.59.
This question belongs to:
Maths
Compound Interest
Question #2
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At what rate will Rs. 8000 amount to Rs. 9261 in 3 years at compound interest?
Correct Answer: Option A
Explanation:
8000(1+r)³ = 9261 ⇒ (1+r)³ = 1.157625 = (1.05)³ ⇒ r = 5%.
8000(1+r)³ = 9261 ⇒ (1+r)³ = 1.157625 = (1.05)³ ⇒ r = 5%.
This question belongs to:
Maths
Compound Interest
Question #3
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Find the principal if the compound interest at 10% per annum for 2 years is Rs. 630.
Correct Answer: Option C
Explanation:
CI = P × 0.21 = 630 ⇒ P = 630 / 0.21 = 3000.
CI = P × 0.21 = 630 ⇒ P = 630 / 0.21 = 3000.
This question belongs to:
Maths
Compound Interest
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