Find the amount on Rs. 8000 at 10% per annum compound interest for 3 years. MCQ with Answer and Explanation

Question

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Find the amount on Rs. 8000 at 10% per annum compound interest for 3 years.

A. Rs. 11000

B. Rs. 10648

C. Rs. 11200

D. Rs. 10800

Answer: Option B

Solution (By JKSSB Mock Tests)

A = 8000 × (1.1)³ = 8000 × 1.331 = 10648.

This question belongs to: Maths Compound Interest

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Question #1

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The difference between simple interest and compound interest on a certain sum of money for 2 years at 15% per annum is Rs. 144. Find the sum.

A. Rs. 6400

B. Rs. 6000

C. Rs. 7200

D. Rs. 6800

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Correct Answer: Option A

Explanation:
Difference for 2 years = P * (R/100)^2 => 144 = P * (15/100)^2 => 144 = P * (225 / 10000) => P = (144 * 10000) / 225 = 1440000 / 225 = Rs. 6400.

This question belongs to: Maths Compound Interest

Question #2

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What is the compound interest on Rs. 40000 for 1 year at 20% per annum, compounded half-yearly?

A. Rs. 8400

B. Rs. 8600

C. Rs. 8000

D. Rs. 8800

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Correct Answer: Option A

Explanation:
Half-yearly rate = 20/2 = 10%. Time = 2 half-years. Amount = 40000 * (1 + 10/100)^2 = 40000 * 1.21 = Rs. 48400. Compound Interest = 48400 - 40000 = Rs. 8400.

This question belongs to: Maths Compound Interest