The simple interest on a sum at 5% for 3 years is Rs. 600. The compound interest on the same sum for 2 years at 5% is: MCQ with Answer and Explanation
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Question #1
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The compound interest on Rs. 11000 at 10% per annum for 2 years is:
Correct Answer: Option A
Explanation:
A = 11000 × 1.21 = 13310, CI = 13310 − 11000 = Rs. 2310.
A = 11000 × 1.21 = 13310, CI = 13310 − 11000 = Rs. 2310.
This question belongs to:
Maths
Compound Interest
Question #2
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The compound interest on a certain sum for 2 years at 5% per annum is Rs. 246. Find the principal sum.
Correct Answer: Option C
Explanation:
Effective rate of compound interest for 2 years at 5% = 5 + 5 + (55)/100 = 10.25%. Given 10.25% of P = 246 => P = 246 / 0.1025 = Rs. 2400.
Effective rate of compound interest for 2 years at 5% = 5 + 5 + (55)/100 = 10.25%. Given 10.25% of P = 246 => P = 246 / 0.1025 = Rs. 2400.
This question belongs to:
Maths
Compound Interest
Question #3
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At what rate percent per annum will Rs. 1000 amount to Rs. 1331 in 3 years, compound interest compounded annually?
Correct Answer: Option D
Explanation:
Amount/Principal = 1331 / 1000 = (11 / 10)^3. Therefore, 1 + R/100 = 11/10 => R/100 = 1/10 => R = 10%.
Amount/Principal = 1331 / 1000 = (11 / 10)^3. Therefore, 1 + R/100 = 11/10 => R/100 = 1/10 => R = 10%.
This question belongs to:
Maths
Compound Interest
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