A sum amounts to Rs. 1331 in 3 years and Rs. 1464.10 in 4 years at compound interest. Find the sum. MCQ with Answer and Explanation

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A sum amounts to Rs. 1331 in 3 years and Rs. 1464.10 in 4 years at compound interest. Find the sum.

A. Rs. 1100

B. Rs. 900

C. Rs. 800

D. Rs. 1000

Answer: Option D

Solution (By JKSSB Mock Tests)

Rate = (1464.10/1331 − 1) × 100 = 10%. P = 1331 / (1.1)³ = 1331 / 1.331 = 1000.

This question belongs to: Maths Compound Interest

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Question #1

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At what rate percent per annum compound interest will Rs. 400 amount to Rs. 484 in 2 years?

A. 15%

B. 8%

C. 12%

D. 10%

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Correct Answer: Option D

Explanation:
400(1 + r)² = 484 ⇒ (1+r)² = 1.21 ⇒ 1+r = 1.1 ⇒ r = 10%.

This question belongs to: Maths Compound Interest

Question #2

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The compound interest on Rs. 5500 at 10% per annum for 2 years is:

A. Rs. 1265

B. Rs. 1210

C. Rs. 1320

D. Rs. 1155

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Correct Answer: Option D

Explanation:
A = 5500 × 1.21 = 6655, CI = 6655 − 5500 = Rs. 1155.

This question belongs to: Maths Compound Interest

Question #3

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A sum of money placed at compound interest becomes double of itself in 2 years. In how many years will it become 16 times of itself?

A. 10 years

B. 6 years

C. 8 years

D. 12 years

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Correct Answer: Option C

Explanation:
The sum becomes 2^1 times in 2 years. It will become 16 (2^4) times in 4 * 2 = 8 years.

This question belongs to: Maths Compound Interest

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