The compound interest on Rs. 3300 at 10% per annum for 2 years is: MCQ with Answer and Explanation
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Question #1
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A sum of money amounts to Rs. 10584 in 2 years and Rs. 11113.20 in 3 years at compound interest. Find the sum.
Correct Answer: Option A
Explanation:
Rate = (11113.20/10584 − 1) × 100 = 5%. P = 10584 / 1.1025 = 9600.
Rate = (11113.20/10584 − 1) × 100 = 5%. P = 10584 / 1.1025 = 9600.
This question belongs to:
Maths
Compound Interest
Question #2
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A sum of money placed at compound interest amounts to Rs. 1200 in 2 years and Rs. 1320 in 3 years. Find the rate of interest per annum.
Correct Answer: Option B
Explanation:
Interest earned in the 3rd year = 1320 - 1200 = Rs. 120. Rate of interest = (120 / 1200) * 100 = 10%.
Interest earned in the 3rd year = 1320 - 1200 = Rs. 120. Rate of interest = (120 / 1200) * 100 = 10%.
This question belongs to:
Maths
Compound Interest
Question #3
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The compound interest on a certain sum of money for 2 years at 4% per annum is Rs. 204. What would be the simple interest on the same sum at the same rate for the same time?
Correct Answer: Option B
Explanation:
Effective rate of compound interest for 2 years at 4% = 4 + 4 + (44)/100 = 8.16%. Simple interest rate = 4 * 2 = 8%. Given 8.16% of sum = 204 => 1% of sum = 25. Simple Interest = 8% of sum = 8 * 25 = Rs. 200.
Effective rate of compound interest for 2 years at 4% = 4 + 4 + (44)/100 = 8.16%. Simple interest rate = 4 * 2 = 8%. Given 8.16% of sum = 204 => 1% of sum = 25. Simple Interest = 8% of sum = 8 * 25 = Rs. 200.
This question belongs to:
Maths
Compound Interest
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