The compound interest on Rs. 3000 at 5% per annum for 3 years is: MCQ with Answer and Explanation

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The compound interest on Rs. 3000 at 5% per annum for 3 years is:

A. Rs. 472.875

B. Rs. 475.00

C. Rs. 478.00

D. Rs. 472.50

Answer: Option A

Solution (By JKSSB Mock Tests)

A = 3000 × (1.05)³ = 3000 × 1.157625 = 3472.875, CI = 3472.875 − 3000 = Rs. 472.875.

This question belongs to: Maths Compound Interest

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Question #1

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A sum of money placed at compound interest becomes double of itself in 5 years. In how many years will it become 128 times of itself?

A. 35 years

B. 40 years

C. 30 years

D. 45 years

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Correct Answer: Option A

Explanation:
The sum becomes 2^1 times in 5 years. It will become 128 (2^7) times in 7 * 5 = 35 years.

This question belongs to: Maths Compound Interest

Question #2

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Find the compound interest on Rs. 2000 at 20% per annum compounded half-yearly for 1 year.

A. Rs. 460

B. Rs. 420

C. Rs. 440

D. Rs. 400

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Correct Answer: Option B

Explanation:
Half-yearly rate = 10%, n = 2. A = 2000 × (1.1)² = 2000 × 1.21 = 2420, CI = 2420 − 2000 = Rs. 420.

This question belongs to: Maths Compound Interest

Question #3

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The compound interest on Rs. 20000 at 8% per annum for 1 year compounded half-yearly is:

A. Rs. 1632

B. Rs. 1600

C. Rs. 1680

D. Rs. 1664

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Correct Answer: Option A

Explanation:
Half-yearly rate 4%, n=2. A = 20000 × (1.04)² = 20000 × 1.0816 = 21632, CI = 21632 − 20000 = Rs. 1632.

This question belongs to: Maths Compound Interest

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