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Albert invested amount of 8000 in a fixed deposit for 2 years at compound interest rate of 5 % per annum. How much Albert will get on the maturity of the fixed deposit.

  • Rs. 8510
  • Rs. 8620
  • Rs. 8730
  • Rs. 8820

Answer: Option D

Explanation:

=>(8000×(1+5100)2)=>8000×2120×2120=>8820


Similar Questions :

1. Effective annual rate of interest corresponding to nominal rate of 6% per annum compounded half yearly will be

  • 6.09%
  • 6.10%
  • 6.12%
  • 6.14%

Answer: Option A

Explanation:

Let the amount Rs 100 for 1 year when compounded half yearly, n = 2, Rate = 6/2 = 3%

Amount=100(1+3100)2=106.09



Effective rate = (106.09 - 100)% = 6.09%

2. What will be the difference between simple and compound interest @ 10% per annum on the sum of Rs 1000 after 4 years

  • Rs 62.10
  • Rs 63.10
  • Rs 64.10
  • Rs 65.10

Answer: Option C

Explanation:

S.I.=1000∗10∗4100=400C.I.=[1000(1+10100)4−1000]=464.10



So difference between simple interest and compound interest will be 464.10 - 400 = 64.10

3. The least number of complete years in which a sum of money put out at 20% compound interest will be more than doubled is

  • 4 years
  • 5 years
  • 6 years
  • 7 years

Answer: Option A

Explanation:

As per question we need something like following

P(1+R100)n>2P(1+20100)n>2(65)n>265×65×65×65>2



So answer is 4 years

4. What will be the compound interest on Rs. 25000 after 3 years at the rate of 12 % per annum

  • Rs 10123.20
  • Rs 10123.30
  • Rs 10123.40
  • Rs 10123.50

Answer: Option A

Explanation:

(25000×(1+12100)3)=>25000×2825×2825×2825=>35123.20



So Compound interest will be 35123.20 - 25000
= Rs 10123.20

5. A sum of money invested at compound interest to Rs. 800 in 3 years and to Rs 840 in 4 years. The rate on interest per annum is.

  • 4%
  • 5%
  • 6%
  • 7%

Answer: Option B

Explanation:

S.I. on Rs 800 for 1 year = 40

Rate = (100*40)/(800*1) = 5%

Read more from - Compound Interest Questions Answers
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