The compound interest on Rs. 3400 at 10% per annum for 2 years is: MCQ with Answer and Explanation
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Question #1
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What is the compound interest on Rs. 80000 for 1 year at 10% per annum, compounded half-yearly?
Correct Answer: Option C
Explanation:
Half-yearly rate = 10/2 = 5%. Time = 2 half-years. Amount = 80000 * (1 + 5/100)^2 = 80000 * 1.1225 = Rs. 88200. Compound Interest = 88200 - 80000 = Rs. 8200.
Half-yearly rate = 10/2 = 5%. Time = 2 half-years. Amount = 80000 * (1 + 5/100)^2 = 80000 * 1.1225 = Rs. 88200. Compound Interest = 88200 - 80000 = Rs. 8200.
This question belongs to:
Maths
Compound Interest
Question #2
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The population of a city increases at the rate of 5% annually. If the present population is 185220, what was its population 3 years ago?
Correct Answer: Option B
Explanation:
Population 3 years ago = 185220 / (1 + 5/100)^3 = 185220 / (21/20)^3 = 185220 * 8000 / 9261 = 20 * 8000 = 160000.
Population 3 years ago = 185220 / (1 + 5/100)^3 = 185220 / (21/20)^3 = 185220 * 8000 / 9261 = 20 * 8000 = 160000.
This question belongs to:
Maths
Compound Interest
Question #3
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A sum of money invested at compound interest doubles itself in 19 years. In how many years will it become 4 times of itself?
Correct Answer: Option B
Explanation:
The sum doubles (2^1) in 19 years. It will become 4 (2^2) times in 2 * 19 = 38 years.
The sum doubles (2^1) in 19 years. It will become 4 (2^2) times in 2 * 19 = 38 years.
This question belongs to:
Maths
Compound Interest
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