What is the compound interest on Rs. 30000 for 1 year at 10% per annum, compounded half-yearly? MCQ with Answer and Explanation
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Question #1
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A sum of money at compound interest amounts to Rs. 6655 in 3 years and to Rs. 7320.50 in 4 years. Find the rate of interest.
Correct Answer: Option B
Explanation:
Rate = (7320.50/6655 − 1) × 100 = (1.1 − 1) × 100 = 10%.
Rate = (7320.50/6655 − 1) × 100 = (1.1 − 1) × 100 = 10%.
This question belongs to:
Maths
Compound Interest
Question #2
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What is the compound interest on Rs. 10000 for 1 year at 12% per annum, compounded half-yearly?
Correct Answer: Option C
Explanation:
Half-yearly rate = 12/2 = 6%. Time = 2 half-years. Amount = 10000 * (1 + 6/100)^2 = 10000 * 1.1236 = Rs. 11236. Compound Interest = 11236 - 10000 = Rs. 1236.
Half-yearly rate = 12/2 = 6%. Time = 2 half-years. Amount = 10000 * (1 + 6/100)^2 = 10000 * 1.1236 = Rs. 11236. Compound Interest = 11236 - 10000 = Rs. 1236.
This question belongs to:
Maths
Compound Interest
Question #3
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Find the compound interest on Rs. 10000 at 10% per annum for 1 year compounded half-yearly.
Correct Answer: Option B
Explanation:
Half-yearly rate = 5%, n = 2. A = 10000 × (1.05)² = 10000 × 1.1025 = 11025, CI = 11025 − 10000 = Rs. 1025.
Half-yearly rate = 5%, n = 2. A = 10000 × (1.05)² = 10000 × 1.1025 = 11025, CI = 11025 − 10000 = Rs. 1025.
This question belongs to:
Maths
Compound Interest
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