Find the compound interest on Rs. 24000 at 5% per annum for 2 years. MCQ with Answer and Explanation

Question

Share Report Error

Find the compound interest on Rs. 24000 at 5% per annum for 2 years.

A. Rs. 2460

B. Rs. 2400

C. Rs. 2580

D. Rs. 2520

Answer: Option A

Solution (By JKSSB Mock Tests)

A = 24000 × 1.1025 = 26460, CI = 26460 − 24000 = Rs. 2460.

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

Share Report

The present population of a town is 44100. If it increases at 5% per annum, what was the population 2 years ago?

A. 41000

B. 43000

C. 40000

D. 42000

View Answer & Solution Discuss

Get Complete Subject PDF for Maths

Correct Answer: Option C

Explanation:
Population 2 years ago = 44100 / (1.05)² = 44100 / 1.1025 = 40000.

This question belongs to: Maths Compound Interest

Question #2

Share Report

The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is Rs. 217. Find the sum.

A. Rs. 6500

B. Rs. 7000

C. Rs. 7500

D. Rs. 8000

View Answer & Solution Discuss

Get Complete Subject PDF for Maths

Correct Answer: Option B

Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 217 = P * (10/100)^2 * (3 + 10/100) => 217 = P * (1/100) * (3.1) => 217 = P * 0.031 => P = 217 / 0.031 = Rs. 7000.

This question belongs to: Maths Compound Interest

Question #3

Share Report

In how many years will Rs. 6000 amount to Rs. 7260 at 10% per annum compound interest?

A. 2 years

B. 3 years

C. 1.5 years

D. 2.5 years

View Answer & Solution Discuss

Get Complete Subject PDF for Maths

Correct Answer: Option A

Explanation:
6000(1.1)^t = 7260 ⇒ (1.1)^t = 1.21 ⇒ t = 2.

This question belongs to: Maths Compound Interest

Explore All Compound Interest MCQs