Find the compound interest on Rs. 10000 at 8% per annum for 1 year compounded quarterly. MCQ with Answer and Explanation

Question

Share Report Error

Find the compound interest on Rs. 10000 at 8% per annum for 1 year compounded quarterly.

A. Rs. 816

B. Rs. 832

C. Rs. 800

D. Rs. 824.32

Answer: Option D

Solution (By JKSSB Mock Tests)

Quarterly rate = 2%, n = 4. A = 10000 × (1.02)⁴ = 10000 × 1.08243216 = 10824.3216, CI ≈ Rs. 824.32.

This question belongs to: Maths Compound Interest

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Compound Interest Questions

Question #1

Find the compound interest on Rs. 500 at 10% per annum for 2 years.

A. Rs. 115

B. Rs. 110

C. Rs. 100

D. Rs. 105

View Answer & Solution Discuss

Get Complete Subject PDF for Maths

Correct Answer: Option D

Explanation:
A = 500 × 1.21 = 605, CI = 605 − 500 = Rs. 105.

This question belongs to: Maths Compound Interest

Question #2

In how many years will Rs. 4000 amount to Rs. 4630.50 at 5% per annum compound interest?

A. 3.5 years

B. 2.5 years

C. 2 years

D. 3 years

View Answer & Solution Discuss

Get Complete Subject PDF for Maths

Correct Answer: Option D

Explanation:
4000(1.05)^t = 4630.50 ⇒ (1.05)^t = 1.157625 = (1.05)³ ⇒ t = 3.

This question belongs to: Maths Compound Interest

Question #3

What is the compound interest on Rs. 20000 for 2 years if the rate of interest is 5% for the first year and 10% for the second year?

A. Rs. 3200

B. Rs. 3000

C. Rs. 3300

D. Rs. 3100

View Answer & Solution Discuss

Get Complete Subject PDF for Maths

Correct Answer: Option D

Explanation:
Amount = 20000 * (1 + 5/100) * (1 + 10/100) = 20000 * 1.05 * 1.10 = 20000 * 1.155 = Rs. 22100. Compound Interest = 22100 - 20000 = Rs. 2100.

This question belongs to: Maths Compound Interest

Explore All Compound Interest MCQs