What is the compound interest on Rs. 60000 for 1 year at 12% per annum, compounded half-yearly? MCQ with Answer and Explanation
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Question #1
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A machine depreciates at 10% per annum. Its present value is Rs. 7290. What was its value 3 years ago?
Correct Answer: Option B
Explanation:
Value 3 years ago = 7290 / (0.9)³ = 7290 / 0.729 = 10000.
Value 3 years ago = 7290 / (0.9)³ = 7290 / 0.729 = 10000.
This question belongs to:
Maths
Compound Interest
Question #2
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The compound interest on a certain sum of money for 2 years at 8% per annum is Rs. 416. What would be the simple interest on the same sum at the same rate for the same time?
Correct Answer: Option A
Explanation:
Effective rate of compound interest for 2 years at 8% = 8 + 8 + (88)/100 = 16.64%. Simple interest rate = 8 * 2 = 16%. Given 16.64% of sum = 416 => 1% of sum = 25. Simple Interest = 16% of sum = 16 * 25 = Rs. 400.
Effective rate of compound interest for 2 years at 8% = 8 + 8 + (88)/100 = 16.64%. Simple interest rate = 8 * 2 = 16%. Given 16.64% of sum = 416 => 1% of sum = 25. Simple Interest = 16% of sum = 16 * 25 = Rs. 400.
This question belongs to:
Maths
Compound Interest
Question #3
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At what rate percent compound interest will Rs. 3200 amount to Rs. 3872 in 2 years?
Correct Answer: Option B
Explanation:
3200(1+r)² = 3872 ⇒ (1+r)² = 1.21 ⇒ r = 10%.
3200(1+r)² = 3872 ⇒ (1+r)² = 1.21 ⇒ r = 10%.
This question belongs to:
Maths
Compound Interest
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