A man invested Rs. 15000 at compound interest for 2 years at 4% per annum. Find the amount. MCQ with Answer and Explanation

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A man invested Rs. 15000 at compound interest for 2 years at 4% per annum. Find the amount.

A. Rs. 16300

B. Rs. 16224

C. Rs. 16240

D. Rs. 16400

Answer: Option B

Solution (By JKSSB Mock Tests)

A = 15000 × (1.04)² = 15000 × 1.0816 = 16224.

This question belongs to: Maths Compound Interest

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Question #1

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The compound interest on a certain sum for 2 years at 5% per annum is Rs. 1230. Find the principal sum.

A. Rs. 13000

B. Rs. 12500

C. Rs. 11500

D. Rs. 12000

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Correct Answer: Option D

Explanation:
Effective rate of compound interest for 2 years at 5% = 5 + 5 + (55)/100 = 10.25%. Given 10.25% of P = 1230 => P = 1230 / 0.1025 = Rs. 12000.

This question belongs to: Maths Compound Interest

Question #2

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A sum of money doubles itself in 8 years at compound interest. In how many years will it become four times of itself?

A. 16 years

B. 12 years

C. 24 years

D. 20 years

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Correct Answer: Option A

Explanation:
The sum doubles (2^1) in 8 years. It will become 4 (2^2) times in 2 * 8 = 16 years.

This question belongs to: Maths Compound Interest

Question #3

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Find the compound interest on Rs. 4500 at 8% per annum for 1 year compounded half-yearly.

A. Rs. 380

B. Rs. 374.40

C. Rs. 360

D. Rs. 367.20

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Correct Answer: Option D

Explanation:
Half-yearly rate 4%, n=2. A = 4500 × (1.04)² = 4500 × 1.0816 = 4867.20, CI = 4867.20 − 4500 = Rs. 367.20.

This question belongs to: Maths Compound Interest

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