The compound interest on Rs. 3000 at 8% per annum for 1 year compounded half-yearly is: MCQ with Answer and Explanation

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The compound interest on Rs. 3000 at 8% per annum for 1 year compounded half-yearly is:

A. Rs. 243.60

B. Rs. 248.00

C. Rs. 240.00

D. Rs. 244.80

Answer: Option D

Solution (By JKSSB Mock Tests)

Half-yearly rate 4%, n=2. A = 3000 × (1.04)² = 3000 × 1.0816 = 3244.80, CI = 3244.80 − 3000 = Rs. 244.80.

This question belongs to: Maths Compound Interest

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Question #1

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The simple interest on a sum for 2 years at 6% is Rs. 360. The compound interest on the same sum for 2 years at 6% is:

A. Rs. 372.60

B. Rs. 370.80

C. Rs. 378.00

D. Rs. 375.20

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Correct Answer: Option A

Explanation:
SI = P × 6 × 2 /100 = 0.12P = 360 ⇒ P = 3000. CI = 3000[(1.06)² − 1] = 3000 × 0.1236 = Rs. 370.80. Wait 3000*0.1236 = 370.80. So answer A. I'll correct: A. I'll check: 1.06^2=1.1236, minus 1 = 0.1236, *3000 = 370.80. So option A. I'll set A. So I'll have correct answer A. Options: 370.80, 372.60, 375.20, 378.00. So answer A. I'll adjust accordingly.

This question belongs to: Maths Compound Interest