A sum amounts to Rs. 2420 in 2 years and Rs. 2662 in 3 years at compound interest. Find the sum. MCQ with Answer and Explanation

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A sum amounts to Rs. 2420 in 2 years and Rs. 2662 in 3 years at compound interest. Find the sum.

A. Rs. 2000

B. Rs. 1800

C. Rs. 1900

D. Rs. 2100

Answer: Option A

Solution (By JKSSB Mock Tests)

Rate = (2662/2420 − 1) × 100 = 10%. P = 2420 / (1.1)² = 2420 / 1.21 = 2000.

This question belongs to: Maths Compound Interest

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Question #1

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At what rate percent compound interest will Rs. 8000 amount to Rs. 9680 in 2 years?

A. 9%

B. 8%

C. 10%

D. 12%

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Correct Answer: Option C

Explanation:
8000(1+r)² = 9680 ⇒ (1+r)² = 1.21 ⇒ r = 10%.

This question belongs to: Maths Compound Interest

Question #2

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At what rate percent compound interest will Rs. 625 become Rs. 676 in 2 years?

A. 5%

B. 4%

C. 3%

D. 6%

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Correct Answer: Option B

Explanation:
625(1+r)² = 676 ⇒ (1+r)² = 1.0816 = (1.04)² ⇒ r = 4%.

This question belongs to: Maths Compound Interest

Question #3

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A sum of money amounts to Rs. 6690 after 3 years and to Rs. 10035 after 6 years on compound interest. Find the sum.

A. Rs. 4000

B. Rs. 4660

C. Rs. 4500

D. Rs. 4460

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Correct Answer: Option D

Explanation:
Let the principal be P and expansion factor over 3 years be x. P * x = 6690 and P * x^2 = 10035. Therefore, x = 10035 / 6690 = 1.5. Principal P = 6690 / 1.5 = Rs. 4460.

This question belongs to: Maths Compound Interest

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