The compound interest on Rs. 3000 at 8% per annum for 1 year compounded half-yearly is: MCQ with Answer and Explanation

The compound interest on Rs. 3000 at 8% per annum for 1 year compounded half-yearly is:

A. Rs. 243.60

B. Rs. 248.00

C. Rs. 240.00

D. Rs. 244.80

Answer: Option D

Half-yearly rate 4%, n=2. A = 3000 × (1.04)² = 3000 × 1.0816 = 3244.80, CI = 3244.80 − 3000 = Rs. 244.80.

This question belongs to: Maths Compound Interest

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Question #1 Report Error

At what rate percent per annum will Rs. 20000 amount to Rs. 23328 in 2 years, compound interest compounded annually?

A. 6%

B. 12%

C. 8%

D. 10%

Correct Answer: Option C

Explanation:
Amount/Principal = 23328 / 20000 = 11664 / 10000 = (108 / 100)^2. Therefore, 1 + R/100 = 1.08 => R = 8%.

This question belongs to: Maths Compound Interest

Question #2 Report Error

The difference between simple interest and compound interest on a certain sum of money for 2 years at 5% per annum is Rs. 144. Find the sum.

A. Rs. 55000

B. Rs. 57600

C. Rs. 60000

D. Rs. 64000

Correct Answer: Option B

Explanation:
Difference for 2 years = P * (R/100)^2 => 144 = P * (5/100)^2 => 144 = P * (25 / 10000) => P = (144 * 10000) / 25 = Rs. 57600.

This question belongs to: Maths Compound Interest

Question #3 Report Error

The difference between CI and SI for 3 years on Rs. 5000 at 10% is:

A. Rs. 155

B. Rs. 150

C. Rs. 165

D. Rs. 160

Correct Answer: Option A

Explanation:
D = 5000 × (0.1)² × (3 + 0.1) = 5000 × 0.01 × 3.1 = Rs. 155.

This question belongs to: Maths Compound Interest