The compound interest on Rs. 8300 at 10% per annum for 2 years is: MCQ with Answer and Explanation
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Question #1
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The compound interest on a certain sum for 2 years at 5% per annum is Rs. 410. Find the simple interest on the same sum at the same rate for the same time.
Correct Answer: Option D
Explanation:
Effective rate of compound interest for 2 years at 5% = 5 + 5 + (55)/100 = 10.25%. Simple interest rate = 5 * 2 = 10%. Given 10.25% of sum = 410 => 1% of sum = 40. Simple Interest = 10% of sum = 10 * 40 = Rs. 400.
Effective rate of compound interest for 2 years at 5% = 5 + 5 + (55)/100 = 10.25%. Simple interest rate = 5 * 2 = 10%. Given 10.25% of sum = 410 => 1% of sum = 40. Simple Interest = 10% of sum = 10 * 40 = Rs. 400.
This question belongs to:
Maths
Compound Interest
Question #2
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The simple interest on a sum for 2 years at 6% is Rs. 480. The compound interest on the same sum for 2 years at 6% is:
Correct Answer: Option D
Explanation:
P = 48000/(6×2) = 4000. CI = 4000[(1.06)² − 1] = 4000 × 0.1236 = Rs. 494.40.
P = 48000/(6×2) = 4000. CI = 4000[(1.06)² − 1] = 4000 × 0.1236 = Rs. 494.40.
This question belongs to:
Maths
Compound Interest
Question #3
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In how many years will Rs. 800 amount to Rs. 882 at 5% per annum compound interest?
Correct Answer: Option C
Explanation:
800(1.05)^t = 882 ⇒ (1.05)^t = 1.1025 = (1.05)² ⇒ t = 2.
800(1.05)^t = 882 ⇒ (1.05)^t = 1.1025 = (1.05)² ⇒ t = 2.
This question belongs to:
Maths
Compound Interest
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