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

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

A. Rs. 840.00

B. Rs. 824.32

C. Rs. 800.00

D. Rs. 850.50

Answer: Option B

Solution (By JKSSB Mock Tests)

Quarterly rate = 8 / 4 = 2%. Time = 4 quarters. Amount = 10000 * (1 + 2/100)^4 = 10000 * (1.02)^4 = 10000 * 1.082432 = Rs. 10824.32. Compound Interest = 10824.32 - 10000 = Rs. 824.32.

This question belongs to: Maths Compound Interest

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Question #1

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What is the compound interest on Rs. 60000 for 1 year at 12% per annum, compounded half-yearly?

A. Rs. 7416

B. Rs. 7200

C. Rs. 7500

D. Rs. 7600

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Correct Answer: Option A

Explanation:
Half-yearly rate = 12/2 = 6%. Time = 2 half-years. Amount = 60000 * (1 + 6/100)^2 = 60000 * 1.1236 = Rs. 67416. Compound Interest = 67416 - 60000 = Rs. 7416.

This question belongs to: Maths Compound Interest

Question #2

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What is the compound interest on Rs. 10000 for 1 year at 12% per annum, compounded half-yearly?

A. Rs. 1250

B. Rs. 1200

C. Rs. 1300

D. Rs. 1236

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Correct Answer: Option D

Explanation:
Half-yearly rate = 12/2 = 6%. Time = 2 half-years. Amount = 10000 * (1 + 6/100)^2 = 10000 * 1.1236 = Rs. 11236. Compound Interest = 11236 - 10000 = Rs. 1236.

This question belongs to: Maths Compound Interest