The compound interest on Rs. 9500 at 8% per annum for 2 years is: MCQ with Answer and Explanation
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Question #1
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The population of a town increases by 10% per annum. If the present population is 6050, what was it 2 years ago?
Correct Answer: Option A
Explanation:
Population 2 years ago = 6050 / (1.1)² = 6050 / 1.21 = 5000.
Population 2 years ago = 6050 / (1.1)² = 6050 / 1.21 = 5000.
This question belongs to:
Maths
Compound Interest
Question #2
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Find the compound interest on Rs. 30000 for 1 year at 8% per annum, compounded quarterly.
Correct Answer: Option B
Explanation:
Quarterly rate = 8 / 4 = 2%. Time = 4 quarters. Amount = 30000 * (1 + 2/100)^4 = 30000 * (1.02)^4 = 30000 * 1.08243216 = Rs. 32472.96. Compound Interest = 32472.96 - 30000 = Rs. 2472.96.
Quarterly rate = 8 / 4 = 2%. Time = 4 quarters. Amount = 30000 * (1 + 2/100)^4 = 30000 * (1.02)^4 = 30000 * 1.08243216 = Rs. 32472.96. Compound Interest = 32472.96 - 30000 = Rs. 2472.96.
This question belongs to:
Maths
Compound Interest
Question #3
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A sum of money at compound interest becomes 5 times in 3 years. In how many years will it become 25 times?
Correct Answer: Option A
Explanation:
5 times in 3 years; 25 = 5², so 3 × 2 = 6 years.
5 times in 3 years; 25 = 5², so 3 × 2 = 6 years.
This question belongs to:
Maths
Compound Interest
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