Find the compound interest on Rs. 3000 at 10% per annum compounded half-yearly for 1 year. MCQ with Answer and Explanation

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Find the compound interest on Rs. 3000 at 10% per annum compounded half-yearly for 1 year.

A. Rs. 307.50

B. Rs. 322.50

C. Rs. 315

D. Rs. 300

Answer: Option A

Solution (By JKSSB Mock Tests)

Half-yearly rate 5%, n=2. A = 3000 × (1.05)² = 3000 × 1.1025 = 3307.50, CI = 3307.50 − 3000 = Rs. 307.50.

This question belongs to: Maths Compound Interest

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Question #1

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The compound interest on a certain sum of money for 2 years at 10% per annum is Rs. 1050. What would be the simple interest on the same sum at the same rate for the same time?

A. Rs. 1040

B. Rs. 1000

C. Rs. 1025

D. Rs. 950

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Correct Answer: Option B

Explanation:
Effective rate of compound interest for 2 years at 10% = 10 + 10 + (1010)/100 = 21%. Simple interest rate = 10 * 2 = 20%. Given 21% of sum = 1050 => 1% of sum = 50. Simple Interest = 20% of sum = 20 * 50 = Rs. 1000.

This question belongs to: Maths Compound Interest

Question #2

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The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is Rs. 93. Find the sum.

A. Rs. 2000

B. Rs. 2500

C. Rs. 3000

D. Rs. 3500

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Correct Answer: Option C

Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100). Given 93 = P * (10/100)^2 * (3 + 10/100) => 93 = P * (1/100) * (3.1) => 93 = P * 0.031 => P = 93 / 0.031 = Rs. 3000.

This question belongs to: Maths Compound Interest