Question : The compound interest on Rs. 64,000 for 3 years, compounded annually at 7.5% p.a. is:
Option 1: Rs. 14,400
Option 2: Rs. 15,705
Option 3: Rs. 15,507
Option 4: Rs. 15,075
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Correct Answer: Rs. 15,507
Solution : Amount = $P(1+\frac{R}{100})^{n}$ to calculate the answer. Where P is the principal amount, R is the rate of interest per annum, and n is the time in years. Amount = $64000(1+\frac{7.5}{100})^{3}$ = Rs. 79,507 CI = Rs. 79,507 – Rs. 64,000 = Rs.15,507 Hence, the correct answer is Rs. 15,507.
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Question : The compound interest on Rs. 24000 at 10% per annum for $1\frac{1}{2}$ years, interest being compounded semi-annually is:
Option 1: Rs. 3783
Option 2: Rs. 3777
Option 3: Rs. 3780
Option 4: Rs. 3781
Question : The simple interest on a certain sum of money for 2 years at 5% is Rs. 1600. The compound interest at the same rate after 3 years (interest compounded annually) is:
Option 1: Rs. 2520
Option 2: Rs. 2522
Option 3: Rs. 2555
Option 4: Rs. 2535
Question : The difference between Simple and Compound Interest (compounded annually) on Rs. 40,000 for 3 years at 8% per annum is:
Option 1: Rs. 684.32
Option 2: Rs. 788.48
Option 3: Rs. 784.58
Option 4: Rs. 4,000
Question : In 3 years, Rs. 3000 amounts to Rs. 3993 at $x$% compound interest compounded annually. The value of $x$ is ___.
Option 1: $10$
Option 2: $8$
Option 3: $5$
Option 4: $3\frac{1}{3}$
Question : A sum of money invested at 20% compound interest (compounded annually). It would fetch Rs. 723 more in 2 years if interest is compounded half-yearly. The sum is:
Option 1: Rs. 15,000
Option 2: Rs. 30,000
Option 3: Rs. 20,000
Option 4: Rs. 7,500
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