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Compound Interest (Using Formula) — Practice Quiz

ICSE · Class 9 · Mathematics

Try a 4-question quiz on Compound Interest (Using Formula) for ICSE Class 9 Mathematics: tap an answer to check it and see why.

37 questions25 flashcards4 formulas & key relations5 concepts

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A labeled diagram explaining the components of the compound interest formula A = P(1 + r/100)^n when interest is compounded yearly.
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Quick Quiz: Compound Interest (Using Formula)

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1

What is the amount on ₹5,000 at 8% per annum compound interest for 2 years?

2

Calculate the compound interest on ₹8,000 at 5% per annum for 3 years.

3

What principal will amount to ₹6,050 in 2 years at 10% per annum compound interest?

4

At what rate percent will ₹4,000 amount to ₹4,840 in 2 years compound interest?

37 Questions·
multiple choicemultiple correct

Sample Questions

1multiple correct

Which of the following are components of the compound interest formula A = P(1 + r/100)ⁿ?

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A represents Amount, P represents Principal, r represents rate per annum, n represents number of years

In the formula A = P(1 + r/100)ⁿ: A is Amount, P is Principal, r is rate per annum, and n is number of years (not months).

2multiple correct

Which statements are true about compound interest?

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The amount is given by A = P(1 + r/100)^n when interest is compounded yearly., For half-yearly compounding, the rate is divided by 2 and the number of years is multiplied by 2., For quarterly compounding, the rate is divided by 4 and the number of years is multiplied by 4., When the rates for succes

Compound interest uses a formula for yearly compounding, and the chapter also gives special forms for half-yearly and quarterly compounding. It further states that when successive yearly rates are different, the amount is found by multiplying the factors for each year. All four statements match these rules.

3multiple choice

In how many years will ₹1,600 amount to ₹1,944 at 10% compound interest?

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2 years

1944 = 1600(1.1)ⁿ → (1.1)ⁿ = 1.215 → (1.1)ⁿ = (1.1)² → n = 2 years

4multiple choice

What is the difference between CI and SI on ₹2,000 for 2 years at 5% per annum?

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₹5

CI = 2000[(1.05)² - 1] = 2000[1.1025 - 1] = ₹205. SI = (2000 × 5 × 2)/100 = ₹200. Difference = 205 - 200 = ₹5

+33 more questions on Compound Interest (Using Formula) (ICSE Class 9 Mathematics)

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Frequently Asked Questions

What are the important topics in Compound Interest (Using Formula) for ICSE Class 9 Mathematics?
Key topics in Compound Interest (Using Formula) include Core idea and direct formula, Amount when rates are different in successive years, Finding principal, rate, and time, Age and sharing problems. Study these first, then practise questions on each for Class 9 exams.
How many practice questions are there for Compound Interest (Using Formula)?
There are 37 questions on Compound Interest (Using Formula). Try the 4-question sample quiz on this page first; each answer shows an explanation when you tap it.

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