The compound interest on Rs. 2900 at 10% per annum for 2 years is: MCQ with Answer and Explanation

The compound interest on Rs. 2900 at 10% per annum for 2 years is:

A. Rs. 667

B. Rs. 580

C. Rs. 609

D. Rs. 638

Answer: Option C

A = 2900 × 1.21 = 3509, CI = 3509 − 2900 = Rs. 609.

This question belongs to: Maths Compound Interest

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Question #1 Report Error

The simple interest on a sum for 2 years at 15% is Rs. 600. The compound interest on the same sum for 2 years at 15% is:

A. Rs. 645

B. Rs. 675

C. Rs. 690

D. Rs. 660

Correct Answer: Option A

Explanation:
P = 60000/(15×2) = 2000. CI = 2000[(1.15)² − 1] = 2000 × 0.3225 = 645.

This question belongs to: Maths Compound Interest

Question #2 Report Error

Find the compound interest on Rs. 2000 at 4% per annum for 1 year compounded quarterly.

A. Rs. 81.21

B. Rs. 80.80

C. Rs. 82.40

D. Rs. 83.00

Correct Answer: Option A

Explanation:
Quarterly rate 1%, n=4. A = 2000 × (1.01)⁴ = 2000 × 1.04060401 = 2081.208, CI = 81.208 ≈ 81.21.

This question belongs to: Maths Compound Interest

Question #3 Report Error

The compound interest on a sum for 2 years at 6% is Rs. 370.80. The sum is:

A. Rs. 2800

B. Rs. 3400

C. Rs. 3000

D. Rs. 3200

Correct Answer: Option C

Explanation:
CI = P × 0.1236 = 370.80 ⇒ P = 3000.

This question belongs to: Maths Compound Interest