The compound interest on Rs. 2600 at 10% per annum for 2 years is: MCQ with Answer and Explanation
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Question #1
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The compound interest on Rs. 18000 at 8% per annum for 2 years is:
Correct Answer: Option D
Explanation:
A = 18000 × 1.1664 = 20995.20, CI = 20995.20 − 18000 = Rs. 2995.20.
A = 18000 × 1.1664 = 20995.20, CI = 20995.20 − 18000 = Rs. 2995.20.
This question belongs to:
Maths
Compound Interest
Question #2
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Find the compound interest on Rs. 50000 for 1 year at 8% per annum, compounded quarterly.
Correct Answer: Option C
Explanation:
Quarterly rate = 8 / 4 = 2%. Time = 4 quarters. Amount = 50000 * (1 + 2/100)^4 = 50000 * (1.02)^4 = 50000 * 1.08243216 = Rs. 54121.61. Compound Interest = 54121.61 - 50000 = Rs. 4121.61.
Quarterly rate = 8 / 4 = 2%. Time = 4 quarters. Amount = 50000 * (1 + 2/100)^4 = 50000 * (1.02)^4 = 50000 * 1.08243216 = Rs. 54121.61. Compound Interest = 54121.61 - 50000 = Rs. 4121.61.
This question belongs to:
Maths
Compound Interest
Question #3
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A sum of money placed at compound interest becomes double of itself in 4 years. In how many years will it become 32 times of itself?
Correct Answer: Option B
Explanation:
The sum becomes 2^1 times in 4 years. It will become 32 (2^5) times in 5 * 4 = 20 years.
The sum becomes 2^1 times in 4 years. It will become 32 (2^5) times in 5 * 4 = 20 years.
This question belongs to:
Maths
Compound Interest
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