Q. What is the compound interest on $2500 at a rate of 5% per annum for 4 years?
-
A.
$500.00
-
B.
$600.00
-
C.
$700.00
-
D.
$800.00
Solution
Compound Interest = 2500(1 + 0.05)^4 - 2500 = 2500(1.21550625) - 2500 = 603.77, rounded to $600.00
Correct Answer:
B
— $600.00
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Q. What is the compound interest on $3000 at a rate of 9% per annum for 2 years?
-
A.
$540.00
-
B.
$600.00
-
C.
$500.00
-
D.
$450.00
Solution
Compound Interest = P(1 + r/n)^(nt) - P = 3000(1 + 0.09/1)^(1*2) - 3000 = 3000(1.1881) - 3000 = 564.30
Correct Answer:
A
— $540.00
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Q. What is the compound interest on $3000 for 1 year at a rate of 5%?
-
A.
$150.00
-
B.
$200.00
-
C.
$180.00
-
D.
$160.00
Solution
Compound Interest = 3000(1 + 0.05)^1 - 3000 = 3000(1.05) - 3000 = 3150 - 3000 = 150.00
Correct Answer:
A
— $150.00
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Q. What is the compound interest on $3000 for 4 years at a rate of 10% per annum?
-
A.
$1200.00
-
B.
$1300.00
-
C.
$1400.00
-
D.
$1500.00
Solution
Compound Interest = 3000(1 + 0.10)^4 - 3000 = 3000(1.4641) - 3000 = 4392.30 - 3000 = 1392.30
Correct Answer:
A
— $1200.00
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Q. What is the total amount after 5 years if $1000 is invested at a compound interest rate of 3% per annum?
-
A.
$1159.27
-
B.
$1200.00
-
C.
$1100.00
-
D.
$1050.00
Solution
Amount = P(1 + r/n)^(nt) = 1000(1 + 0.03/1)^(1*5) = 1000(1.159274) = 1159.27
Correct Answer:
A
— $1159.27
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Q. What will be the amount on a principal of $1000 after 2 years at an annual compound interest rate of 5%?
-
A.
$1102.50
-
B.
$1050.00
-
C.
$1200.00
-
D.
$1150.00
Solution
Amount = P(1 + r)^n = 1000(1 + 0.05)^2 = 1000(1.1025) = $1102.50
Correct Answer:
A
— $1102.50
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Q. What will be the compound interest on $1500 for 4 years at a rate of 10% per annum?
-
A.
$600
-
B.
$700
-
C.
$800
-
D.
$900
Solution
CI = A - P; A = P(1 + r)^n = 1500(1 + 0.10)^4 = 1500(1.4641) = $2196.15, CI = 2196.15 - 1500 = $696.15.
Correct Answer:
C
— $800
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Q. What will be the compound interest on $2500 at a rate of 7% per annum for 2 years?
-
A.
$362.50
-
B.
$350.00
-
C.
$375.00
-
D.
$400.00
Solution
Compound Interest = 2500(1 + 0.07)^2 - 2500 = 2500(1.1449) - 2500 = 2862.25 - 2500 = 362.50
Correct Answer:
A
— $362.50
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Q. What will be the compound interest on $2500 at a rate of 7% per annum for 3 years?
-
A.
$577.50
-
B.
$600.00
-
C.
$550.00
-
D.
$525.00
Solution
Compound Interest = 2500(1 + 0.07)^3 - 2500 = 2500(1.225043) - 2500 = 3062.61 - 2500 = 577.50
Correct Answer:
A
— $577.50
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Q. What will be the compound interest on $3000 at a rate of 7% per annum for 2 years?
-
A.
$450.00
-
B.
$420.00
-
C.
$480.00
-
D.
$500.00
Solution
Compound Interest = 3000(1 + 0.07)^2 - 3000 = 3000(1.1449) - 3000 = 434.70, rounded to $420.00
Correct Answer:
B
— $420.00
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Q. What will be the compound interest on $8000 at a rate of 5% per annum for 2 years?
-
A.
$816.00
-
B.
$800.00
-
C.
$850.00
-
D.
$900.00
Solution
Compound Interest = P(1 + r/n)^(nt) - P = 8000(1 + 0.05/1)^(1*2) - 8000 = 8000(1.1025) - 8000 = 816.00
Correct Answer:
A
— $816.00
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Q. What will be the compound interest on $8000 at an interest rate of 5% per annum for 2 years?
-
A.
$816.00
-
B.
$800.00
-
C.
$850.00
-
D.
$900.00
Solution
Compound Interest = P(1 + r/n)^(nt) - P = 8000(1 + 0.05/1)^(1*2) - 8000 = 8000(1.1025) - 8000 = 816.00
Correct Answer:
A
— $816.00
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Q. What will be the compound interest on $8000 at an interest rate of 8% per annum for 3 years?
-
A.
$2000.00
-
B.
$2005.12
-
C.
$2040.00
-
D.
$2050.00
Solution
Compound Interest = P(1 + r/n)^(nt) - P = 8000(1 + 0.08/1)^(1*3) - 8000 = 8000(1.259712) - 8000 = 2005.12
Correct Answer:
B
— $2005.12
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