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- Question
If the simple interest on a sum of money at 5% per annum for 3 years is Rs. 1200, find the compound interest on the same sum for the same period at the same rate.
Options- A. Rs.1251
- B. Rs.1261
- C. Rs.1271
- D. Rs,1281
- Correct Answer
- Rs.1261
ExplanationClearly, Rate = 5% p.a .,
Time = 3 years
S.I =Rs.1200.
So,Principal
=Rs.(100 x 1200/3x5)
=Rs.8000.
Amount
=Rs.[8000 x (1+5/100)³]
=Rs(8000x21/20x21/20x21/20)
= Rs.9261
C.I
=Rs.(9261-8000)
=Rs.1261.
- 1. The compound interest earned in two years at 12% per annum is Rs 10176. What is the sum (in Rs) invested?
Options- A. 50000
- B. 60000
- C. 40000
- D. 80000 Discuss
- 2. The compound interest on Rs. 24000 at 10% per annum for 11?2 years, interest being compounded semiannually is
Options- A. Rs.3783
- B. Rs.3777
- C. Rs.3780
- D. Rs.3781 Discuss
- 3. What would be the compound interest of Rs. 25000 for 2 yrs. at 5% per annum?
Options- A. 2500
- B. 2562.5
- C. 2425.25
- D. 5512.5 Discuss
- 4. If compound interest received on a certain amount in the 2nd year is Rs 1200, what will be the compound interest (in Rs) for the 4th year on the same amount at 10% rate of interest?
Options- A. 1452
- B. 1320
- C. 1552
- D. 1420 Discuss
- 5. The compound interest earned in two years at 15% per annum is Rs 20640. What is the sum invested (in Rs)?
Options- A. 64000
- B. 60000
- C. 56000
- D. 52000 Discuss
- 6. The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period (in years) is:
Options- A. 2
- B. 3
- C. 4
- D. 5 Discuss
- 7. What will be compounded amount? I. Rs. 200 was borrowed for 192 months at 6% compounded annually. II. Rs. 200 was borrowed for 16 years at 6%.
Options- A. I alone sufficient while II alone not sufficient to answer
- B. II alone sufficient while I alone not sufficient to answer
- C. Either I or II alone sufficient to answer
- D. Both I and II are not sufficient to answer Discuss
- 8. Find the effective rate of interest for an investment that earns 5 1/2% per year, compounded continuously
Options- A. 5.65%
- B. 5.75%
- C. 5.85%
- D. 5.95% Discuss
- 9. Josh borrowed $250 from his mother to buy an electric scooter. Josh will pay her back in 1 year with 3% simple annual interest. How much interest will Josh pay?
Options- A. 7.50
- B. 8.50
- C. 9.50
- D. 10.50 Discuss
- 10. The effective annual rate of interest corresponding to nominal rate of 6% per annum payable half yearly is
Options- A. 5%
- B. 6%
- C. 7%
- D. 6.09% Discuss
Compound Interest problems
Search Results
Correct Answer: 40000
Correct Answer: Rs.3783
Correct Answer: 2562.5
Correct Answer: 1452
Correct Answer: 64000
Correct Answer: 2
Explanation:
Amount = Rs. (30000 + 4347) = Rs. 34347
(1+7/100)^n=34347
Correct Answer: Either I or II alone sufficient to answer
Explanation:
I. Amount =
II. Amount =
Thus, I as well as II gives the answer.
Correct Answer: 5.65%
Explanation:
We are not given a value of P in this problem, so either pick a value
for P and stick with that throughout the problem, or just let P = P.
We have that t = 1, and r = .055. To find the effective rate of interest,
first find out how much money we have after one year:
A = Pert
A = Pe(.055)(1)
A = 1.056541P.
Therefore, after 1 year, whatever the principal was, we now have 1.056541P.
Next, find out how much interest was earned, I, by subtracting the initial amount of money from the final amount:
I = A ? P
= 1.056541P ? P
= .056541P.
Finally, to find the effective rate of interest, use the simple interest formula, I = Prt. So,
I = Pr(1) = .056541P
.056541 = r.
Therefore, the effective rate of interest is 5.65%
Correct Answer: 7.50
Explanation:
I=prt/100
Correct Answer: 6.09%
Explanation:
amount=[100(1+3/100)^2]=Rs.106.09
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