The compound interest on Rs. 2400 for 2 years at 5% per annum is: MCQ with Answer and Explanation

Question Report Error

The compound interest on Rs. 2400 for 2 years at 5% per annum is:

A. Rs. 246

B. Rs. 240

C. Rs. 252

D. Rs. 260

Answer: Option A

Solution (By JKExamLibrary)

A = 2400 × (1.05)² = 2400 × 1.1025 = 2646, CI = 2646 − 2400 = Rs. 246.

This question belongs to: Maths Compound Interest

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Question #1 Report Error

The difference between compound interest (compounded annually) and simple interest on a certain sum of money for 3 years at 5% per annum is Rs. 122. Find the sum.

A. Rs. 15000

B. Rs. 18000

C. Rs. 16000

D. Rs. 17000

View Answer & Solution Discuss

Correct Answer: Option C

Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 122 = P * (5/100)^2 * (3 + 5/100) => 122 = P * (1/400) * (3.05) => 122 = P * (3.05 / 400) => P = (122 * 400) / 3.05 = 48800 / 3.05 = Rs. 16000.

This question belongs to: Maths Compound Interest