What is the principal if the amount after 2 years at 10% compound interest is Rs. 12100? MCQ with Answer and Explanation
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Question #1
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Find the compound interest on Rs. 31250 for 3 years at 8% per annum, compounded annually.
Correct Answer: Option C
Explanation:
Amount = 31250 * (1 + 8/100)^3 = 31250 * (27/25)^3 = 31250 * (19683 / 15625) = 2 * 19683 = Rs. 39366. Compound Interest = 39366 - 31250 = Rs. 8076. Correct option is D.
Amount = 31250 * (1 + 8/100)^3 = 31250 * (27/25)^3 = 31250 * (19683 / 15625) = 2 * 19683 = Rs. 39366. Compound Interest = 39366 - 31250 = Rs. 8076. Correct option is D.
This question belongs to:
Maths
Compound Interest
Question #2
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In how many years will Rs. 3500 amount to Rs. 4235 at 10% per annum compound interest?
Correct Answer: Option B
Explanation:
3500(1.1)^t = 4235 ⇒ (1.1)^t = 1.21 ⇒ t = 2.
3500(1.1)^t = 4235 ⇒ (1.1)^t = 1.21 ⇒ t = 2.
This question belongs to:
Maths
Compound Interest
Question #3
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The simple interest on a sum for 2 years at 10% is Rs. 800. The compound interest on the same sum for 2 years at 10% is:
Correct Answer: Option D
Explanation:
P = 80000/(10×2) = 4000. CI = 4000[(1.1)² − 1] = 4000 × 0.21 = Rs. 840.
P = 80000/(10×2) = 4000. CI = 4000[(1.1)² − 1] = 4000 × 0.21 = Rs. 840.
This question belongs to:
Maths
Compound Interest
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