The compound interest on a sum for 3 years at 5% is Rs. 788.125. The sum is: MCQ with Answer and Explanation
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Practice More Compound Interest Questions
Question #1
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In how many years will Rs. 1500 amount to Rs. 1815 at 10% per annum compound interest?
Correct Answer: Option A
Explanation:
1500(1.1)^t = 1815 ⇒ (1.1)^t = 1.21 ⇒ t = 2.
1500(1.1)^t = 1815 ⇒ (1.1)^t = 1.21 ⇒ t = 2.
This question belongs to:
Maths
Compound Interest
Question #2
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A sum of money placed at compound interest becomes double of itself in 6 years. In how many years will it become 8 times of itself?
Correct Answer: Option C
Explanation:
The sum becomes 2^1 times in 6 years. It will become 8 (2^3) times in 3 * 6 = 18 years.
The sum becomes 2^1 times in 6 years. It will become 8 (2^3) times in 3 * 6 = 18 years.
This question belongs to:
Maths
Compound Interest
Question #3
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The effective rate of interest for 4% per annum compounded half-yearly is:
Correct Answer: Option A
Explanation:
Effective = (1.02)² − 1 = 1.0404 − 1 = 4.04%.
Effective = (1.02)² − 1 = 1.0404 − 1 = 4.04%.
This question belongs to:
Maths
Compound Interest
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