The compound interest on Rs. 8000 at 10% per annum for 1 year compounded half-yearly is: MCQ with Answer and Explanation
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Question #1
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A sum of money doubles itself at compound interest in 8 years. In how many years will it become 16 times?
Correct Answer: Option D
Explanation:
2 times in 8 years, 16 = 2⁴, so 8 × 4 = 32 years.
2 times in 8 years, 16 = 2⁴, so 8 × 4 = 32 years.
This question belongs to:
Maths
Compound Interest
Question #2
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If the compound interest on a sum for 2 years at 10% is Rs. 840, the simple interest on the same sum for 2 years at the same rate is:
Correct Answer: Option A
Explanation:
CI = P[(1.1)² − 1] = 0.21P = 840 ⇒ P = 4000. SI = 4000 × 10 × 2 / 100 = 800.
CI = P[(1.1)² − 1] = 0.21P = 840 ⇒ P = 4000. SI = 4000 × 10 × 2 / 100 = 800.
This question belongs to:
Maths
Compound Interest
Question #3
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What is the compound interest on Rs. 10000 for 1 year at 8% per annum, compounded quarterly?
Correct Answer: Option B
Explanation:
Quarterly rate = 8 / 4 = 2%. Time = 4 quarters. Amount = 10000 * (1 + 2/100)^4 = 10000 * (1.02)^4 = 10000 * 1.082432 = Rs. 10824.32. Compound Interest = 10824.32 - 10000 = Rs. 824.32.
Quarterly rate = 8 / 4 = 2%. Time = 4 quarters. Amount = 10000 * (1 + 2/100)^4 = 10000 * (1.02)^4 = 10000 * 1.082432 = Rs. 10824.32. Compound Interest = 10824.32 - 10000 = Rs. 824.32.
This question belongs to:
Maths
Compound Interest
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