The population of a town increases at 10% per annum. If the present population is 20000, what will it be after 2 years? 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 4% per annum is Rs. 1632. Find the principal sum.
Correct Answer: Option D
Explanation:
Effective rate of compound interest for 2 years at 4% = 4 + 4 + (44)/100 = 8.16%. Given 8.16% of P = 1632 => P = 1632 / 0.0816 = Rs. 20000.
Effective rate of compound interest for 2 years at 4% = 4 + 4 + (44)/100 = 8.16%. Given 8.16% of P = 1632 => P = 1632 / 0.0816 = Rs. 20000.
This question belongs to:
Maths
Compound Interest
Question #2
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Find the compound interest on Rs. 7200 at 5% per annum for 2 years.
Correct Answer: Option B
Explanation:
A = 7200 × (1.05)² = 7200 × 1.1025 = 7938, CI = 7938 − 7200 = Rs. 738.
A = 7200 × (1.05)² = 7200 × 1.1025 = 7938, CI = 7938 − 7200 = Rs. 738.
This question belongs to:
Maths
Compound Interest
Question #3
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A sum of money amounts to Rs. 6690 after 3 years and to Rs. 10035 after 6 years on compound interest. Find the sum.
Correct Answer: Option B
Explanation:
Let the principal be P and expansion factor over 3 years be x. P * x = 6690 and P * x^2 = 10035. Therefore, x = 10035 / 6690 = 1.5. Principal P = 6690 / 1.5 = Rs. 4460.
Let the principal be P and expansion factor over 3 years be x. P * x = 6690 and P * x^2 = 10035. Therefore, x = 10035 / 6690 = 1.5. Principal P = 6690 / 1.5 = Rs. 4460.
This question belongs to:
Maths
Compound Interest
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