What is the compound interest on Rs. 16000 for 1.5 years at 10% per annum, compounded half-yearly? MCQ with Answer and Explanation

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What is the compound interest on Rs. 16000 for 1.5 years at 10% per annum, compounded half-yearly?

A. Rs. 2600

B. Rs. 2520

C. Rs. 2522

D. Rs. 2400

Answer: Option C

Solution (By JKSSB Mock Tests)

Half-yearly rate = 10/2 = 5%. Time = 1.5 years = 3 half-years. Amount = 16000 * (1 + 5/100)^3 = 16000 * (1.05)^3 = 16000 * 1.157625 = Rs. 18522. Compound Interest = 18522 - 16000 = Rs. 2522.

This question belongs to: Maths Compound Interest

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Question #1

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The present population of a town is 44100. If it increases at 5% per annum, what was the population 2 years ago?

A. 43000

B. 40000

C. 41000

D. 42000

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Correct Answer: Option B

Explanation:
Population 2 years ago = 44100 / (1.05)² = 44100 / 1.1025 = 40000.

This question belongs to: Maths Compound Interest

Question #2

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The difference between simple interest and compound interest on a certain sum of money for 2 years at 4% per annum is Rs. 64. Find the sum.

A. Rs. 44000

B. Rs. 48000

C. Rs. 40000

D. Rs. 36000

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Correct Answer: Option C

Explanation:
Difference for 2 years = P * (R/100)^2 => 64 = P * (4/100)^2 => 64 = P * (16 / 10000) => P = (64 * 10000) / 16 = Rs. 40000.

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Question #3

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The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is Rs. 124. Find the sum.

A. Rs. 5000

B. Rs. 4500

C. Rs. 4000

D. Rs. 3500

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Correct Answer: Option C

Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 124 = P * (10/100)^2 * (3 + 10/100) => 124 = P * (1/100) * (3.1) => 124 = P * 0.031 => P = 124 / 0.031 = Rs. 4000.

This question belongs to: Maths Compound Interest

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