MCQ
The compound interest on $Rs. 50,000$ at $4\%$ per annum for $2$ years compounded annually is:
- A$Rs. 4,000$
- ✓$Rs. 4,080$
- C$Rs. 4,280$
- D$Rs. 4,050$
✓
Answer
Correct option: B.
$Rs. 4,080$
Given, principal $(P) = Rs. 50000$
Rate of interest $(R\%) = 4\%$ per annum
Time period $(T) = 2\ yr$
We know that,
$\text{A}=\text{P}\Big(1+\frac{\text{R}}{100}\Big)^{\text{T}}$
$\text{A}=50000\Big(1+\frac{4}{100}\Big)^2$
$=50000\Big(1+\frac{1}{25}\Big)^2=50000\times\frac{26}{25}\times\frac{26}{25}$
$= 60 × 25 × 26 = Rs. 54080$
Compound interest, $CI = A − p = Rs. 54080 − Rs. 50000$
$= Rs. 4080$
Rate of interest $(R\%) = 4\%$ per annum
Time period $(T) = 2\ yr$
We know that,
$\text{A}=\text{P}\Big(1+\frac{\text{R}}{100}\Big)^{\text{T}}$
$\text{A}=50000\Big(1+\frac{4}{100}\Big)^2$
$=50000\Big(1+\frac{1}{25}\Big)^2=50000\times\frac{26}{25}\times\frac{26}{25}$
$= 60 × 25 × 26 = Rs. 54080$
Compound interest, $CI = A − p = Rs. 54080 − Rs. 50000$
$= Rs. 4080$
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