The population of a town increases by 10% per annum. If the present population is 6050, what was it 2 years ago? MCQ with Answer and Explanation
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Practice More Compound Interest Questions
Question #1
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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 128 times of itself?
Correct Answer: Option D
Explanation:
The sum becomes 2^1 times in 5 years. It will become 128 (2^7) times in 7 * 5 = 35 years.
The sum becomes 2^1 times in 5 years. It will become 128 (2^7) times in 7 * 5 = 35 years.
This question belongs to:
Maths
Compound Interest
Question #2
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A sum of money doubles itself at compound interest in 8 years. In how many years will it become 16 times?
Correct Answer: Option B
Explanation:
2 times in 8 years, 16 = 2⁴, so 8 × 4 = 32 years.
2 times in 8 years, 16 = 2⁴, so 8 × 4 = 32 years.
This question belongs to:
Maths
Compound Interest
Question #3
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The effective annual rate of interest for 10% per annum compounded quarterly is:
Correct Answer: Option C
Explanation:
Quarterly rate 2.5%, (1.025)⁴ = 1.10381289, effective = 10.3813% ≈ 10.38%.
Quarterly rate 2.5%, (1.025)⁴ = 1.10381289, effective = 10.3813% ≈ 10.38%.
This question belongs to:
Maths
Compound Interest
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