Finish Test
0 of 18 questions completed
Questions:
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14
- 15
- 16
- 17
- 18
Information
- Most Important Multiple Choice Questions
- Online Exercise on Interest with Correct Answer Key and Solutions
- Useful for all Competitive Exams
You have already completed the quiz before. Hence you can not start it again.
Test is loading...
You must sign in or sign up to start the quiz.
You have to finish following quiz, to start this quiz:
Results
0 of 18 questions answered correctly
Time has elapsed
You have reached 0 of 0 points, (0)
Categories
- Not categorized 0%
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14
- 15
- 16
- 17
- 18
- Answered
- Review
- Question 1 of 18
1. Question
Mahesh invests an amount of Rs 8,[email protected] 4% p.a. for 2 years. What approximate amount of compound interest will he obtain at the end of 2 years?
Hint
Compound Interest
= 8560 × 0.0816 = Rs 698.496 ≈ Rs 698
- Question 2 of 18
2. Question
What would be the compound interest obtained on an amount of Rs 3,000 at the rate of 8% p.a. after 2 years?
Hint
Required Compound Interest
=
= 3000
= 3000
= 3000
=
= Rs 499.20
- Question 3 of 18
3. Question
Pamela invested an amount of Rs 35,000 for two year at the rate of 5% p.a. What amount of compound interest would she receive at the end of two year?
Hint
Compound interest
=
– 35000= 38587.50 – 35000 = Rs 3587.50
- Question 4 of 18
4. Question
Shyam invests an amount of Rs 5,690 at the rate of 5 per cent per annum for 3 years. What approximate amount of compound interest will he obtain at the end of 3 years?
Hint
Amount = Principal
= 5690
= 5690 ×
= Rs 6586.90
∴ Compound interest = Rs(6586.9 – 5690)
= Rs 896.9 ≈ 897
- Question 5 of 18
5. Question
What amount of compound interest can be obtained on an amount of Rs 4,500 at the rate of 4% p.a at the end of 2 years?
Hint
Compound Interest
= Principal
= 4500 ×
= Rs 367.20 - Question 6 of 18
6. Question
What would be the compound interest accrued on an amount of Rs 8,400 @ 12.5% p.a. at the end of 3 years? (rounded off to two digits after decimal)
Hint
Compound interest
= 11960.1562 – 8400
= Rs 3560.1562
- Question 7 of 18
7. Question
What would be the compound interest accrued on an amount of Rs 8000 at the rate of 15% p.a. in three year?
Hint
Compound interest
= 8000(1 + ¹⁵⁄₁₀₀)³ – 8000
=
= 12167 – 8000 = Rs 4167
- Question 8 of 18
8. Question
What will be the compound interest on an amount of Rs 5,000 for a period of 2 year at 8% p.a?
Hint
∴ CI = Rs (5832 – 5000) = Rs 832
- Question 9 of 18
9. Question
What will Rs 1000 be worth after three years if it earns interest at the rate of 5% compounded annually?
Hint
;Required amount
=
= Rs 1000 × 1.157
= Rs 1157
- Question 10 of 18
10. Question
Zovo got a loan of Rs 8,000 against his fixed deposits to purchase a scooter. If the rate of interest is 10% p.a. compounded half yearly, find the amount that he pays after one and half year.
Hint
Here, n = 2 for interest is reckoned half-yearly.
- Question 11 of 18
11. Question
A sum of money doubles itself in 6 years at a certain rate of compound interest. In how many years will be 16 times at the same rate of interest?
Hint
P becomes 2P in 6 years at r% p.a.
∴ P becomes 16 P in 24 years
- Question 12 of 18
12. Question
A sum of money doubles itself at compound interest in 15 years In how many years will it become eight times?
Hint
… (i)Let
[using (i)]
Thus, the required time = 45 years
- Question 13 of 18
13. Question
If a sum of money at compound interest amounts to thrice itself in 3 years, then in how many years will it be 9 times itself?
Hint
Let sum be Rs P
… (i)Now, let
[By (i)]
⇒ n = 6
- Question 14 of 18
14. Question
A sum of money is borrowed and paid back in two annual installments of Rs 882 each allowing 5% compound interest. The sum borrowed was:
Hint
Principal = (Present worth of Rs 882 due 1 year hence) + (Present worth of Rs 882 due to 2 years hence)
- Question 15 of 18
15. Question
Jack set up a factory by investing Rs 40,000. During the first three successive years, his profits were 5%, 10% and 15 % respectively. If each year the profit was on previous years’s capital, find his total profit.
Hint
Since, each year the profit is on the previous year’s capital,
∴ it is similar to Compound profit.
∴ compound profit
= 40,000 [1.328 –1]= Rs 13, 130
- Question 16 of 18
16. Question
The least number of complete years in which a sum of money put out at 20% compound interest will be more than doubled is:
Hint
Now,
So, n = 4 years
- Question 17 of 18
17. Question
What annual payment will discharge a debt of Rs 1025 due in 2 years at the rate of 5% compound interest?
Hint
Let each installment be Rs x. Then,
(Present worth of Rs x due 1 year hence) + (Present worth of Rs x due 2 years hence) = Rs 1025
So, value of each installment = Rs 551.25.
- Question 18 of 18
18. Question
The simple interest on a sum of money for 3 years is Rs 240 and the compound interest on the sum at same rate for 2 years in Rs 170. The rate % p.a. is
Hint
S. I. for I year
C. I. for 2 years = Rs 170 = C. I. for 1st year + C. I. for 2nd year
Now, C. I. for 2nd year = 170 – 80 = Rs 90
∴ Interest on Rs 80 for 1 year = 90 – 80 = Rs 10
∴ Rate of interest
Share this Test