The interest on previously accumulated interest as well as interest on principle amount

The interest on principle amount

The interest on principle for number of years

MCQ Questions for Class 11 Commerce Applied Mathematics Basics Of Financial Mathematics Quiz 16

You need Rs.

10, 000

$10,000$ to buy a new television. If you have Rs.

6, 000

$6,000$ to invest at

5

$5$ percent compounded annually, how long will you have to wait to buy the telivisions?

0%
$8.42$ years
0%
$10.5$ years
0%
$15.71$ years
0%
$18.78$ years

Mrs. S deposited Rs.

1, 00, 000

$1,00,000$ in a nationalized bank for

3

$3$ years. If the rate of interest is

7 %

$7\%$ p.a., Calculate the interest that bank has to pay to Mrs. S after

3

$3$ years if interest is compounded annually.

0%
$7,000$
0%
$7,490$
0%
$8,014.30$
0%
$22,504.30$

Explanation

Principle for first year Rs.

1, 00, 000

$1,00,000$
Interest for first year

=

$=$ Pit

1, 00, 000 \times 7 % \times 1 = 7, 000

$1,00,000\times 7\%\times 1=7,000$
Principal for the second year

=

$=$ Principal for first year

+

$+$ Interest for first year

=

$=$ Rs.

1, 00, 000 +

$1,00,000+$ Rs.

7, 000 =

$7,000=$ Rs.

1, 07, 000

$1,07,000$
Interest for second year

= 1, 07, 000 \times 7 % \times 1 = 7, 490

$=1,07,000\times 7\%\times 1=7,490$
Principal for the third year

=

$=$ Principal for second year

+

$+$ Interest for second year

= 1, 07, 000 + 7, 490 = 1, 14, 490

$=1,07,000+7,490=1,14,490$
Interest for the third year

= R s . 1, 14, 490 \times 7 % \times 1 = R s . 8, 014.30

$=Rs. 1,14,490\times 7\%\times 1=Rs. 8,014.30$
Compound interest at the end of third year

= R s . (7, 000 + 7, 490 + 8, 014.30)

$=Rs. (7,000+7,490+8,014.30)$

= R s . 22, 504.30

$=Rs. 22,504.30$
Amount at the end of third year

=

$=$ Principal(initial deposit)

+

$+$ compound interest

=

$=$ Rs.

(1, 00, 000 + 22504.30)

$(1,00,000+22504.30)$

=

$=$ Rs.

1, 22, 504.30

$1,22,504.30$ .

Compound interest is

0%
The interest on principle amount
0%
The interest on previously accumulated interest as well as interest on principle amount
0%
The interest on principle for number of years
0%
All of the above

Rajeev buys good worth Rs

6650

$6650$ . He gets a rebate of

6

$6$ % on it. After getting the rebate, he pay sales tax @

10

$10$ %. Find the amount he will have to pay for the goods?

0%
Rs 6876.10
0%
Rs 6999.20
0%
Rs 6654
0%
Rs 7000

The value of a machine depreciate 5% annually. If is present value is Rs 200000, its value after 2 years will be

0%
Rs 1,80,500
0%
Rs 1,99,000
0%
Rs 1,80,000
0%
Rs 2,10,000

A species has an initial population

4^{10} .

${ 4 }^{ 10 }.$ At the end of second day, it decreases by the same percentage. If the process continues in the same pattern, the number of days for the population to reach

3^{10} .

${ 3 }^{ 10 }.$ is

0%
10
0%
20
0%
50
0%
100

Abhinav purchased a tracksuit for

2400

$2400$ cash or for

2000

$2000$ cash down payments and two monthly installments of

800

$800$ each. The rate of interest is

0%
$75\%$
0%
$120\%$
0%
$50\%$
0%
None of these

A sum of money doubles itself in 10 years at SI. Then the rate of interest is ______.

0%
5%
0%
10%
0%
15%
0%
None of these

At what rate % per annul a sum of RS. 1800 will become RS. 2,700 in 10 years ?

0%
5%
0%
6%
0%
6.75%
0%
10%

A sum of money at SI amounts to RS.2240 in 2 years and to RS.2600 in 5 years. What is the principle amount ?

0%
1000
0%
1500
0%
2000
0%
2500

The present population of a city is

12, 00, 000

$12,00,000$ . If it increases at the rate of

8

$8$ % every year, then the population of the city after

2

$2$ years is

0%
$199680$
0%
$1399680$
0%
$1500000$
0%
$1299680$

Shankar takes a loan of rs 10,000 at a compound interest rate 10% per annum(p.a)

0%
find the compound interest after one year
0%
find the compound interest for 2 years
0%
find the sum of money required to clean the debt at the end of 2 years
0%
find the difference between the compound interest and the simple interest at the same ratte for 2 years

The population of a suburb is

16000

$16000$ . Find the rate of increase in the population if the population after two years is

17640

$17640$ .

0%
$4$ %
0%
$5$ %
0%
$3$ %
0%
$6$ %

Explanation

${\textbf{Step - 1: Framing the formula for finding the rate of decrease}}{\text{.}}$

${\text{Let the rate of increase in the population be }}r,$

${\text{We know, population increases geometrical progression so, we}}$

${\text{will use the compound interest formula}}{\text{.}}$

${\text{Given}},{\text{ }}P{\text{ }} = {\text{ }}16,000$

${\text{Time period }},{\text{ }}n{\text{ }} = {\text{ }}2$

${\text{Population after }}2{\text{ yrs }},{\text{ }}A{\text{ }} = {\text{ }}17640$

${\text{Using the formula of compound interest, we can write}}$

$A = P{\left( {1 + \dfrac{r}{{100}}} \right)^n}$

$17640 = 16000{\left( {1 + \dfrac{r}{{100}}} \right)^2}$

${\textbf{Step - 2: Solving the above equation to find the rate of decrease}}{\text{.}}$

$\dfrac{{17640}}{{16000}} = {\left( {1 + \dfrac{r}{{100}}} \right)^2}$

$\dfrac{{441}}{{400}} = {\left( {1 + \dfrac{r}{{100}}} \right)^2}$

${\text{Taking square root on both the sides,}}$

$\dfrac{{21}}{{20}} = 1 + \dfrac{r}{{100}}$

$\dfrac{1}{{20}} = \dfrac{r}{{100}}$

$r = 5%$

${\textbf{Hence, the rate of decrease of population is 5% }}{\text{.}}$

CBSE Questions for Class 11 Commerce Applied Mathematics Basics Of Financial Mathematics Quiz 16 - MCQExams.com

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Practice Class 11 Commerce Applied Mathematics Quiz Questions and Answers

CBSE Questions for Class 11 Commerce Applied Mathematics Basics Of Financial Mathematics Quiz 16 - MCQExams.com

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Practice Class 11 Commerce Applied Mathematics Quiz Questions and Answers

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