What is the compound interest on Rs. 8000 at 5% per annum for 2 years? MCQ with Answer and Explanation
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Question #1
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At what rate percent compound interest will Rs. 4000 amount to Rs. 4630.50 in 3 years?
Correct Answer: Option C
Explanation:
4000(1+r)³ = 4630.50 ⇒ (1+r)³ = 1.157625 = (1.05)³ ⇒ r = 5%.
4000(1+r)³ = 4630.50 ⇒ (1+r)³ = 1.157625 = (1.05)³ ⇒ r = 5%.
This question belongs to:
Maths
Compound Interest
Question #2
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A sum of money placed at compound interest becomes double of itself in 5 years. In how many years will it become 32 times of itself?
Correct Answer: Option C
Explanation:
The sum becomes 2^1 times in 5 years. It will become 32 (2^5) times in 5 * 5 = 25 years.
The sum becomes 2^1 times in 5 years. It will become 32 (2^5) times in 5 * 5 = 25 years.
This question belongs to:
Maths
Compound Interest
Question #3
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The compound interest on a sum for 2 years at 10% compounded half-yearly is Rs. 215.50. The sum is:
Correct Answer: Option B
Explanation:
Half-yearly rate 5%, n=4. CI = P[(1.05)⁴ − 1] = P × 0.21550625 = 215.50 ⇒ P = 215.50 / 0.21550625 = 1000.
Half-yearly rate 5%, n=4. CI = P[(1.05)⁴ − 1] = P × 0.21550625 = 215.50 ⇒ P = 215.50 / 0.21550625 = 1000.
This question belongs to:
Maths
Compound Interest
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