The compound interest on Rs. 3700 at 10% per annum for 2 years is: MCQ with Answer and Explanation
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Question #1
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What sum will amount to Rs. 2315.25 in 3 years at 5% compound interest?
Correct Answer: Option C
Explanation:
P = 2315.25 / (1.05)³ = 2315.25 / 1.157625 = 2000.
P = 2315.25 / (1.05)³ = 2315.25 / 1.157625 = 2000.
This question belongs to:
Maths
Compound Interest
Question #2
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What is the compound interest on Rs. 30000 for 1 year at 16% per annum, compounded half-yearly?
Correct Answer: Option C
Explanation:
Half-yearly rate = 16/2 = 8%. Time = 2 half-years. Amount = 30000 * (1 + 8/100)^2 = 30000 * 1.1664 = Rs. 34992. Compound Interest = 34992 - 30000 = Rs. 4992.
Half-yearly rate = 16/2 = 8%. Time = 2 half-years. Amount = 30000 * (1 + 8/100)^2 = 30000 * 1.1664 = Rs. 34992. Compound Interest = 34992 - 30000 = Rs. 4992.
This question belongs to:
Maths
Compound Interest
Question #3
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At what rate percent compound interest will a sum of money become 9 times in 2 years?
Correct Answer: Option B
Explanation:
(1 + r)² = 9 ⇒ 1 + r = 3 ⇒ r = 2 = 200%.
(1 + r)² = 9 ⇒ 1 + r = 3 ⇒ r = 2 = 200%.
This question belongs to:
Maths
Compound Interest
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