What is the compound interest on Rs. 30000 for 1 year at 16% 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 doubles in 6 years. In how many years will it become 4 times?
Correct Answer: Option C
Explanation:
Doubles in 6 years, 4 = 2², so 6 × 2 = 12 years.
Doubles in 6 years, 4 = 2², so 6 × 2 = 12 years.
This question belongs to:
Maths
Compound Interest
Question #2
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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 C
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
Question #3
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The difference between CI and SI on Rs. 3600 for 2 years at 5% is:
Correct Answer: Option C
Explanation:
D = 3600 × 0.0025 = Rs. 9.
D = 3600 × 0.0025 = Rs. 9.
This question belongs to:
Maths
Compound Interest
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