The simple interest on a sum for 2 years at 6% is Rs. 360. The compound interest for the same period and rate is: MCQ with Answer and Explanation

The simple interest on a sum for 2 years at 6% is Rs. 360. The compound interest for the same period and rate is:

A. Rs. 378.00

B. Rs. 375.00

C. Rs. 372.00

D. Rs. 370.80

Answer: Option D

P = 36000/(6×2) = 3000. CI = 3000[(1.06)² − 1] = 3000 × 0.1236 = Rs. 370.80.

This question belongs to: Maths Compound Interest

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Question #1 Report Error

What will be the compound interest on Rs. 1200 at 10% per annum for 2 years?

A. Rs. 264

B. Rs. 276

C. Rs. 240

D. Rs. 252

Correct Answer: Option D

Explanation:
A = 1200 × (1.1)² = 1200 × 1.21 = 1452, CI = 1452 − 1200 = Rs. 252.

This question belongs to: Maths Compound Interest

Question #2 Report Error

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?

A. 180000

B. 150000

C. 170000

D. 160000

Correct Answer: Option D

Explanation:
Population 3 years ago = 185220 / (1 + 5/100)^3 = 185220 / (21/20)^3 = 185220 * 8000 / 9261 = 20 * 8000 = 160000.

This question belongs to: Maths Compound Interest

Question #3 Report Error

The compound interest on Rs. 12000 for 1 year at 10% per annum compounded half-yearly is:

A. Rs. 1200

B. Rs. 1230

C. Rs. 1260

D. Rs. 1290

Correct Answer: Option B

Explanation:
Half-yearly rate = 5%, periods = 2. A = 12000 × (1.05)² = 12000 × 1.1025 = 13230, CI = 13230 − 12000 = Rs. 1230.

This question belongs to: Maths Compound Interest