Find the compound interest on Rs. 20000 for 1 year at 16% per annum, compounded half-yearly. MCQ with Answer and Explanation

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Find the compound interest on Rs. 20000 for 1 year at 16% per annum, compounded half-yearly.

A. Rs. 3200

B. Rs. 3400

C. Rs. 3500

D. Rs. 3328

Answer: Option D

Solution (By JKSSB Mock Tests)

Half-yearly rate = 16/2 = 8%. Time = 2 half-years. Amount = 20000 * (1 + 8/100)^2 = 20000 * 1.1664 = Rs. 23328. Compound Interest = 23328 - 20000 = Rs. 3328.

This question belongs to: Maths Compound Interest

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Question #1

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A sum of money at compound interest becomes 7 times in 3 years. In how many years will it become 49 times?

A. 4 years

B. 6 years

C. 5 years

D. 9 years

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Correct Answer: Option B

Explanation:
49 = 7², so 3 × 2 = 6 years.

This question belongs to: Maths Compound Interest

Question #2

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A sum of money amounts to Rs. 11025 in 2 years and Rs. 11576.25 in 3 years at compound interest. Find the sum.

A. Rs. 9000

B. Rs. 10000

C. Rs. 9500

D. Rs. 10500

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Correct Answer: Option B

Explanation:
Rate = (11576.25/11025 − 1) × 100 = 5%. P = 11025 / (1.05)² = 11025 / 1.1025 = 10000.

This question belongs to: Maths Compound Interest

Question #3

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What sum will amount to Rs. 10816 in 2 years at 4% compound interest?

A. Rs. 10200

B. Rs. 9800

C. Rs. 10400

D. Rs. 10000

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Correct Answer: Option D

Explanation:
P = 10816 / (1.04)² = 10816 / 1.0816 = 10000.

This question belongs to: Maths Compound Interest

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