What is the compound interest on Rs. 10000 for 1 year at 8% per annum, compounded half-yearly? MCQ with Answer and Explanation

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What is the compound interest on Rs. 10000 for 1 year at 8% per annum, compounded half-yearly?

A. Rs. 816

B. Rs. 800

C. Rs. 830

D. Rs. 850

Answer: Option A

Solution (By JKSSB Mock Tests)

Half-yearly rate = 8/2 = 4%. Time = 2 half-years. Amount = 10000 * (1 + 4/100)^2 = 10000 * 1.0816 = Rs. 10816. Compound Interest = 10816 - 10000 = Rs. 816.

This question belongs to: Maths Compound Interest

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Question #1

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The difference between simple interest and compound interest on a certain sum of money for 3 years at 5% per annum is Rs. 244. Find the sum.

A. Rs. 34000

B. Rs. 36000

C. Rs. 32000

D. Rs. 30000

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Correct Answer: Option C

Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 244 = P * (5/100)^2 * (3 + 5/100) => 244 = P * (1/400) * (3.05) => P = (244 * 400) / 3.05 = 97600 / 3.05 = Rs. 32000.

This question belongs to: Maths Compound Interest

Question #2

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The compound interest on Rs. 1250 at 8% per annum for 2 years is:

A. Rs. 208

B. Rs. 204

C. Rs. 216

D. Rs. 212

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Correct Answer: Option A

Explanation:
A = 1250 × (1.08)² = 1250 × 1.1664 = 1458, CI = 1458 − 1250 = Rs. 208.

This question belongs to: Maths Compound Interest

Question #3

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A sum of money at compound interest becomes Rs. 7396 in 2 years and Rs. 7950.70 in 3 years. Find the sum.

A. Rs. 6250

B. Rs. 6400

C. Rs. 6000

D. Rs. 6500

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Correct Answer: Option B

Explanation:
Rate = (7950.70/7396 - 1)*100 = 7.5%? 7950.70/7396 = 1.075, so 7.5%. P = 7396 / (1.075)² = 7396 / 1.155625 = 6400 exactly. Check: 1.075^2 = 1.155625, 6400*1.155625 = 7396. So answer 6400.

This question belongs to: Maths Compound Interest

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