What is the compound interest on Rs. 40000 for 1 year at 8% per annum, compounded half-yearly? MCQ with Answer and Explanation
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Question #1
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The compound interest on a sum for 2 years at 10% compounded half-yearly is Rs. 4310.12. The sum is:
Correct Answer: Option D
Explanation:
CI = P[(1.05)⁴ − 1] = P × 0.21550625 = 4310.125 ⇒ P = 4310.125 / 0.21550625 = 20000.
CI = P[(1.05)⁴ − 1] = P × 0.21550625 = 4310.125 ⇒ P = 4310.125 / 0.21550625 = 20000.
This question belongs to:
Maths
Compound Interest
Question #2
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A sum of money at compound interest amounts to Rs. 11520 in 2 years and Rs. 13824 in 3 years. Find the sum.
Correct Answer: Option B
Explanation:
Rate = (13824/11520 − 1) × 100 = 20%. P = 11520 / (1.2)² = 11520 / 1.44 = 8000.
Rate = (13824/11520 − 1) × 100 = 20%. P = 11520 / (1.2)² = 11520 / 1.44 = 8000.
This question belongs to:
Maths
Compound Interest
Question #3
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A sum of money becomes Rs. 24200 in 2 years and Rs. 26620 in 3 years at compound interest compounded annually. Find the sum.
Correct Answer: Option A
Explanation:
Rate of interest = ((26620 - 24200) / 24200) * 100 = (2420 / 24200) * 100 = 10%. Principal P = 24200 / (1 + 10/100)^2 = 24200 / 1.21 = Rs. 20000.
Rate of interest = ((26620 - 24200) / 24200) * 100 = (2420 / 24200) * 100 = 10%. Principal P = 24200 / (1 + 10/100)^2 = 24200 / 1.21 = Rs. 20000.
This question belongs to:
Maths
Compound Interest
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