The compound interest on Rs. 3400 at 10% per annum for 2 years is: MCQ with Answer and Explanation

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The compound interest on Rs. 3400 at 10% per annum for 2 years is:

A. Rs. 780

B. Rs. 800

C. Rs. 714

D. Rs. 748

Answer: Option C

Solution (By JKSSB Mock Tests)

A = 3400 × 1.21 = 4114, CI = 4114 − 3400 = Rs. 714.

This question belongs to: Maths Compound Interest

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Question #1

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What is the compound interest on Rs. 60000 for 1 year at 12% per annum, compounded half-yearly?

A. Rs. 7500

B. Rs. 7200

C. Rs. 7600

D. Rs. 7416

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Correct Answer: Option D

Explanation:
Half-yearly rate = 12/2 = 6%. Time = 2 half-years. Amount = 60000 * (1 + 6/100)^2 = 60000 * 1.1236 = Rs. 67416. Compound Interest = 67416 - 60000 = Rs. 7416.

This question belongs to: Maths Compound Interest

Question #2

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Find the compound interest on Rs. 40000 for 1 year at 16% per annum, compounded quarterly.

A. Rs. 6794.34

B. Rs. 6900.00

C. Rs. 7100.00

D. Rs. 6400.00

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Correct Answer: Option A

Explanation:
Quarterly rate = 16 / 4 = 4%. Time = 4 quarters. Amount = 40000 * (1 + 4/100)^4 = 40000 * (1.04)^4 = 40000 * 1.16985856 = Rs. 46794.34. Compound Interest = 46794.34 - 40000 = Rs. 6794.34.

This question belongs to: Maths Compound Interest