The compound interest on a sum for 2 years at 10% compounded half-yearly is Rs. 215.50. The sum is: MCQ with Answer and Explanation

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The compound interest on a sum for 2 years at 10% compounded half-yearly is Rs. 215.50. The sum is:

A. Rs. 1050

B. Rs. 1000

C. Rs. 950

D. Rs. 900

Answer: Option B

Solution (By JKSSB Mock Tests)

Half-yearly rate 5%, n=4. CI = P[(1.05)⁴ − 1] = P × 0.21550625 = 215.50 ⇒ P = 215.50 / 0.21550625 = 1000.

This question belongs to: Maths Compound Interest

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Question #1

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If the simple interest on a sum of money for 3 years at 5% per annum is Rs. 1200, find the compound interest on the same sum at the same rate for the same period.

A. Rs. 1240.50

B. Rs. 1301.50

C. Rs. 1280.00

D. Rs. 1261.00

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Correct Answer: Option D

Explanation:
Simple Interest for 1 year = 1200 / 3 = Rs. 400. Principal P = (1200 * 100) / (5 * 3) = Rs. 8000. Amount with compound interest = 8000 * (1 + 5/100)^3 = 8000 * 1.157625 = Rs. 9261. Compound Interest = 9261 - 8000 = Rs. 1261.

This question belongs to: Maths Compound Interest

Question #2

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Find the compound interest on Rs. 31250 for 3 years at 8% per annum, compounded annually.

A. Rs. 7500

B. Rs. 8000

C. Rs. 8076

D. Rs. 7824

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Correct Answer: Option D

Explanation:
Amount = 31250 * (1 + 8/100)^3 = 31250 * (27/25)^3 = 31250 * (19683 / 15625) = 2 * 19683 = Rs. 39366. Compound Interest = 39366 - 31250 = Rs. 8076. Correct option is D.

This question belongs to: Maths Compound Interest