Compound Interest
1. In how many years will Rs. 2,000 amount to Rs. 2,420 at 10% per annum compound interest? [SSC Grade 2000]
(a) 3
(b) 
(c) 2
(d)
Answer: (c)
Explanation:
n = 2 years
2. The rate of interest at which an amount of Rs. 1800 on compound interest becomes Rs. 1984. 50 in 2 years is: [CDS 1998]
(a) 3%
(b) 4%
(c) 5%
(d) 6%
Answer: (c)
Explanation:
r = 5%
3. Vijay deposited Rs. 15000 in ICICI Bank, which pays him 10% interest per annum compounded half-yearly, then the amount received by Vijay at the end of the year will be:
(a) Rs. 16,500
(b) Rs. 16,525. 50
(c) Rs. 16,537. 50
(d) Rs. 18,150
Answer: (c)
Explanation:
R=10% p. a=5% per half-year, T=1 year, P=Rs. 15000
=Rs. 16537. 50
4. Find the compound interest on Rs. 10500 at 8% per annum for 1 year 3 months, compounded annually?
(a) Rs. 1,066. 80
(b) Rs. 1,154. 20
(c) Rs. 1,048. 10
(d) Rs. 1,124. 50
Answer: (a)
Explanation:
P = Rs. 10500, R = 8% per annum, T =
= Rs. 11566. 80
Compound Interest = Rs. [11566. 80-10500] = Rs. 1066. 80
5. What is the difference between compound interest on Rs. 5,000 for 1 year 6 month at 4% per annum according as the interest is compounded yearly or half-yearly? [SSC 2000]
(a) Rs. 2. 00
(b) Rs. 3. 06
(c) Rs. 8. 30
(d) Rs. 4. 80
Answer: (a)
Explanation:
Hence, the difference =Rs. 2
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