The compound interest on Rs. 10000 for 1 year at 4% per annum compounded half-yearly is: MCQ with Answer and Explanation
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Question #1
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The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is Rs. 310. Find the sum.
Correct Answer: Option B
Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 310 = P * (10/100)^2 * (3 + 10/100) => 310 = P * (1/100) * (3.1) => P = 310 / 0.031 = Rs. 10000.
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 310 = P * (10/100)^2 * (3 + 10/100) => 310 = P * (1/100) * (3.1) => P = 310 / 0.031 = Rs. 10000.
This question belongs to:
Maths
Compound Interest
Question #2
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The compound interest on a sum for 2 years at 10% is Rs. 1260. The sum is:
Correct Answer: Option B
Explanation:
CI = P × 0.21 = 1260 ⇒ P = 1260 / 0.21 = 6000.
CI = P × 0.21 = 1260 ⇒ P = 1260 / 0.21 = 6000.
This question belongs to:
Maths
Compound Interest
Question #3
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The compound interest on a certain sum for 2 years at 5% per annum is Rs. 246. Find the principal sum.
Correct Answer: Option B
Explanation:
Effective rate of compound interest for 2 years at 5% = 5 + 5 + (55)/100 = 10.25%. Given 10.25% of P = 246 => P = 246 / 0.1025 = Rs. 2400.
Effective rate of compound interest for 2 years at 5% = 5 + 5 + (55)/100 = 10.25%. Given 10.25% of P = 246 => P = 246 / 0.1025 = Rs. 2400.
This question belongs to:
Maths
Compound Interest
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