Question : Find compound interest on Rs. 8000 at 15% per annum for 2 years, compounded annually.
Option 1: Rs. 2580.00
Option 2: Rs. 6345.51
Option 3: Rs. 2778.81
Option 4: Rs. 26548.81
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Correct Answer: Rs. 2580.00
Solution : Principal = Rs. 8000 Rate = 15% Time = 2 years We know, when compounded annually, Total amount $= \text{Principal}(1+\frac{\text{Rate}}{100})^{\text{Time}}$ ⇒ Total amount $=8000(1+\frac{15}{100})^2$ ⇒ Total amount $=8000(\frac{23}{20})^2$ ⇒ Total amount $=8000×\frac{23}{20}×\frac{23}{20}$ ⇒ Total amount $=10580$ So, the compound interest = Total amount – Principal = 10580 – 8000 = Rs. 2580 Hence, the correct answer is Rs. 2580.00.
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Question : Find the compound interest (CI) on Rs. 12,600 for 2 years at 10% per annum compounded annually.
Option 1: Rs. 3,146
Option 2: Rs. 2,646
Option 3: Rs. 3,646
Option 4: Rs. 2,645
Question : The compound interest on Rs. 1,00,000 at 25% per annum for 2 years compounded annually is:
Option 1: Rs. 57,650
Option 2: Rs. 50,250
Option 3: Rs. 56,250
Option 4: Rs. 52,255
Question : What is the difference between the compound interest and the simple interest on Rs. 2,000 at 10% interest per annum for 2 years, if, for compound interest, interest is compounded annually?
Option 1: Rs. 20
Option 2: Rs. 40
Option 3: Rs. 80
Option 4: Rs. 60
Question : What is the compound interest on Rs. 8400 for 2 years at 10% per annum compounded annually?
Option 1: Rs. 10164
Option 2: Rs. 840
Option 3: Rs. 5064
Option 4: Rs. 1764
Question : The compound interest on Rs. 20,000 at 5% per annum, compounded annually, is Rs. 2,050. What is the time period?
Option 1: 2.5 years
Option 2: 2 years
Option 3: 4 years
Option 4: 3 years
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