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

Question

Share Report Error

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

A. Rs. 248.00

B. Rs. 240.00

C. Rs. 243.60

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

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

What is the compound interest on Rs. 30000 for 1 year at 16% per annum, compounded half-yearly?

A. Rs. 5100

B. Rs. 4800

C. Rs. 5200

D. Rs. 4992

View Answer & Solution Discuss

Get Complete Subject PDF for Maths

Correct Answer: Option D

Explanation:
Half-yearly rate = 16/2 = 8%. Time = 2 half-years. Amount = 30000 * (1 + 8/100)^2 = 30000 * 1.1664 = Rs. 34992. Compound Interest = 34992 - 30000 = Rs. 4992.

This question belongs to: Maths Compound Interest

Question #2

Share Report

The difference between CI and SI on Rs. 6200 for 2 years at 5% is:

A. Rs. 13.50

B. Rs. 16.00

C. Rs. 14.00

D. Rs. 15.50

View Answer & Solution Discuss

Get Complete Subject PDF for Maths

Correct Answer: Option D

Explanation:
D = 6200 × 0.0025 = Rs. 15.50.

This question belongs to: Maths Compound Interest

Question #3

Share Report

In how many years will Rs. 1000 amount to Rs. 1157.625 at 5% per annum compound interest?

A. 2 years

B. 3.5 years

C. 2.5 years

D. 3 years

View Answer & Solution Discuss

Get Complete Subject PDF for Maths

Correct Answer: Option D

Explanation:
1000(1.05)^t = 1157.625 ⇒ (1.05)^t = 1.157625 = (1.05)³ ⇒ t = 3.

This question belongs to: Maths Compound Interest

Explore All Compound Interest MCQs