Compound Interest problems
- 1. Payments of $2000 and $1000 were originally scheduled to be paid one year and five years, respectively, from today. They are to be replaced by a $1500 payment due four years from today, and another payment due two years from today. The replacement stream must be economically equivalent to the scheduled stream. What is the unknown payment, if money can earn 7% compounded semiannually?
Options- A. 1548
- B. 1348
- C. 1648
- D. 1748 Discuss
Correct Answer: 1648
Explanation:
FV1 = Future value of $2000, 1 year later
= PV (1+ i)^n
- 2. The compound interest on a certain sum for 2 years at 10% per annum is Rs. 1155. The simple interest on the same sum for double the time at half the rate percent per annum is ?
Options- A. Rs. 1100
- B. Rs. 5500
- C. Rs. 1400
- D. Rs. 4120 Discuss
Correct Answer: Rs. 1100
Explanation:
Let the sum be Rs.x. Then,
=> x =5500
sum = Rs. 5500.
So, S.I = Rs. = 1100
- 3. In what time will Rs. 3300 becomes Rs. 3399 at 6% per annum interest compounded half-yearly ?
Options- A. Quarter months
- B. Half year
- C. 2 years
- D. 1 year Discuss
Correct Answer: Half year
Explanation:
3300 ----- 3% ? (1st time interval, 99) ? 3399.
Here, time interval is given as half-yearly i.e. 6 months.
- 4. What is the Compound interest on Rs. 5000 in 3 years, if the rate of interest is 4% for the first year, 3% for the second year and 2% for the third year?
Options- A. Rs. 435.21
- B. Rs. 453.12
- C. Rs. 436.12
- D. Rs. 463.12 Discuss
Correct Answer: Rs. 463.12
- 5. A bank offers 15% compound interest per half year. A customer deposits Rs 2400 each on 1st January and 1st July of a year. At the end of the year, the amount he would have gained by way of interest is
Options- A. Rs 2268
- B. Rs 1134
- C. Rs 567
- D. Rs 283 Discuss
Correct Answer: Rs 1134
- 6. If the amount received at 10% per annum Compound interest after 3 yrs is Rs 19965, then what will have been the principal (in Rs) amount?
Options- A. 16000
- B. 15000
- C. 17000
- D. 18000 Discuss
Correct Answer: 15000
- 7. 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
Correct Answer: 64000
- 8. 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
Correct Answer: 1452
- 9. 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
Correct Answer: 2562.5
- 10. 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
Correct Answer: Rs.3783
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