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Quiz: Compound Interest

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Number of Questions: 30

Question: 16 -

The production of spare parts rose to 25000 from 16000 in 2 years. Find the rate of growth per annum.

Options:

  1. 25

  2. 200

  3. 250

  4. 20

    5. Answer:

    25
    Solution:

    Previous production = 16000
    Present production = 25000
    25000 = 16000 (1 + R/100)2
    5/4 = 1 + R/100
    R = 25.

Question: 17 -

The population of the town is 30000. The annual birth rate is 5% and the annual death rate is 3%. Calculate the population after 2 years.

Options:

  1. 312

  2. 61212

  3. 31212

  4. 612

    5. Answer:

    31212
    Solution:

    P = Initial population = 30000
    R = 5 – 3 = 2%
    n = 2
    Population after 2 years = P (1 + R/100)n = 30000 (1 + 2/100)2 = 30000 (51/50)2 = 31212.

Question: 18 -

The population of a city is increasing at the rate of 10% per annum. Calculate the population of the city on this basis after 3 years if the current population is 10000.

Options:

  1. 13310

  2. 1210

  3. 12100

  4. 13100

    5. Answer:

    13310
    Solution:

    Here, P = Initial population = 10000
    R = Rate of growth of population = 10%
    n = number of years
    Population after 3 years = P (1 + R/100)n = 10000 (1 + 10/100)3 = 10000 (11/10)3 = 13310.

Question: 19 -

If the population of a city has been increasing at the rate of 10%. The present population of the city is 9680000. Find its population 2 years ago.

Options:

  1. 8000

  2. 8000000

  3. 80000

  4. 800000

    5. Answer:

    8000000
    Solution:

    Let the population 2 years ago be P.
    Present Population = P (1 + 10/100)2
    9680000 = P (1 + 10/100)2
    P = 8000000.

Question: 20 -

What will be the amount to be paid at the end of 18 months on Rs. 12000 at 4% per annum compounded quarterly?

Options:

  1. 12000

  2. 12738.24

  3. 13789

  4. 13567

    5. Answer:

    12738.24
    Solution:

    Principal: Rs. 12000
    Rate: 4%
    Time: 18 months or 1 ½ year
    As the rate is compounded quarterly,
    Rate = 4/4 = 1 %
    Time = 4 × 1 12 = 6 quaters or 6 quater – years
    Amount = Principal (1 + R/100)t
    = 12000 (1 + 1/100)6
    = 12000 (101/100)6
    = 12738.24