The compound interest on Rs. 7000 at 10% per annum for 2 years is: MCQ with Answer and Explanation

Question

Share Report Error

The compound interest on Rs. 7000 at 10% per annum for 2 years is:

A. Rs. 1610

B. Rs. 1470

C. Rs. 1400

D. Rs. 1540

Answer: Option B

Solution (By JKSSB Mock Tests)

A = 7000 × 1.21 = 8470, CI = 8470 − 7000 = Rs. 1470.

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. 10000 for 1 year at 8% per annum, compounded quarterly?

A. Rs. 832.00

B. Rs. 824.32

C. Rs. 841.60

D. Rs. 800.00

View Answer & Solution Discuss

Get Complete Subject PDF for Maths

Correct Answer: Option B

Explanation:
Quarterly rate = 8 / 4 = 2%. Time = 4 quarters. Amount = 10000 * (1 + 2/100)^4 = 10000 * (1.02)^4 = 10000 * 1.082432 = Rs. 10824.32. Compound Interest = 10824.32 - 10000 = Rs. 824.32.

This question belongs to: Maths Compound Interest

Question #2

Share Report

In how many years will Rs. 2500 amount to Rs. 2756.25 at 5% per annum compound interest?

A. 2 years

B. 2.5 years

C. 3 years

D. 1.5 years

View Answer & Solution Discuss

Get Complete Subject PDF for Maths

Correct Answer: Option A

Explanation:
2500(1.05)^t = 2756.25 ⇒ (1.05)^t = 1.1025 ⇒ t = 2.

This question belongs to: Maths Compound Interest

Question #3

Share Report

What sum will amount to Rs. 11576.25 in 2 years at 5% per annum compound interest?

A. Rs. 10000

B. Rs. 10750

C. Rs. 10250

D. Rs. 10500

View Answer & Solution Discuss

Get Complete Subject PDF for Maths

Correct Answer: Option D

Explanation:
P = 11576.25 / 1.1025 = 10500.

This question belongs to: Maths Compound Interest

Explore All Compound Interest MCQs