The population of a city increases at the rate of 5% annually. If the present population is 185220, what was its population 3 years ago? MCQ with Answer and Explanation
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Question #1
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The simple interest on a sum for 2 years at 7% is Rs. 280. The compound interest on the same sum for 2 years at 7% is:
Correct Answer: Option D
Explanation:
P = 28000/(7×2) = 2000. CI = 2000[(1.07)² − 1] = 2000 × 0.1449 = 289.80.
P = 28000/(7×2) = 2000. CI = 2000[(1.07)² − 1] = 2000 × 0.1449 = 289.80.
This question belongs to:
Maths
Compound Interest
Question #2
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A sum of money placed at compound interest triples itself in 5 years. In how many years will it become 9 times of itself?
Correct Answer: Option C
Explanation:
The sum becomes 3^1 times in 5 years. It will become 9 (3^2) times in 2 * 5 = 10 years.
The sum becomes 3^1 times in 5 years. It will become 9 (3^2) times in 2 * 5 = 10 years.
This question belongs to:
Maths
Compound Interest
Question #3
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What is the compound interest on Rs. 16000 for 1.5 years at 10% per annum, compounded half-yearly?
Correct Answer: Option A
Explanation:
Half-yearly rate = 10/2 = 5%. Time = 1.5 years = 3 half-years. Amount = 16000 * (1 + 5/100)^3 = 16000 * (1.05)^3 = 16000 * 1.157625 = Rs. 18522. Compound Interest = 18522 - 16000 = Rs. 2522.
Half-yearly rate = 10/2 = 5%. Time = 1.5 years = 3 half-years. Amount = 16000 * (1 + 5/100)^3 = 16000 * (1.05)^3 = 16000 * 1.157625 = Rs. 18522. Compound Interest = 18522 - 16000 = Rs. 2522.
This question belongs to:
Maths
Compound Interest
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