The difference between CI and SI on Rs. 9600 for 2 years at 5% is: MCQ with Answer and Explanation
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Question #1
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What is the compound interest on Rs. 10000 for 1 year at 16% per annum, compounded half-yearly?
Correct Answer: Option A
Explanation:
Half-yearly rate = 16/2 = 8%. Time = 2 half-years. Amount = 10000 * (1 + 8/100)^2 = 10000 * 1.1664 = Rs. 11664. Compound Interest = 11664 - 10000 = Rs. 1664.
Half-yearly rate = 16/2 = 8%. Time = 2 half-years. Amount = 10000 * (1 + 8/100)^2 = 10000 * 1.1664 = Rs. 11664. Compound Interest = 11664 - 10000 = Rs. 1664.
This question belongs to:
Maths
Compound Interest
Question #2
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A sum of money placed at compound interest becomes double of itself in 5 years. In how many years will it become 16 times of itself?
Correct Answer: Option D
Explanation:
The sum becomes 2^1 times in 5 years. It will become 16 (2^4) times in 4 * 5 = 20 years.
The sum becomes 2^1 times in 5 years. It will become 16 (2^4) times in 4 * 5 = 20 years.
This question belongs to:
Maths
Compound Interest
Question #3
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Find the compound interest on Rs. 10000 for 1 year at 16% per annum, compounded quarterly.
Correct Answer: Option A
Explanation:
Quarterly rate = 16 / 4 = 4%. Time = 4 quarters. Amount = 10000 * (1 + 4/100)^4 = 10000 * (1.04)^4 = 10000 * 1.16985856 = Rs. 11698.59. Compound Interest = 11698.59 - 10000 = Rs. 1698.59.
Quarterly rate = 16 / 4 = 4%. Time = 4 quarters. Amount = 10000 * (1 + 4/100)^4 = 10000 * (1.04)^4 = 10000 * 1.16985856 = Rs. 11698.59. Compound Interest = 11698.59 - 10000 = Rs. 1698.59.
This question belongs to:
Maths
Compound Interest
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