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. 1900

B. Rs. 1800

C. Rs. 2000

D. Rs. 2100

Answer: Option C

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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Practice More Compound Interest Questions

Question #1

The compound interest on Rs. 4900 at 10% per annum for 2 years is:

A. Rs. 1127

B. Rs. 980

C. Rs. 1029

D. Rs. 1078

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Correct Answer: Option C

Explanation:
A = 4900 × 1.21 = 5929, CI = 5929 − 4900 = Rs. 1029.

This question belongs to: Maths Compound Interest

Question #2

At what rate percent per annum will Rs. 20000 amount to Rs. 23328 in 2 years, compound interest compounded annually?

A. 10%

B. 8%

C. 12%

D. 6%

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Correct Answer: Option B

Explanation:
Amount/Principal = 23328 / 20000 = 11664 / 10000 = (108 / 100)^2. Therefore, 1 + R/100 = 1.08 => R = 8%.

This question belongs to: Maths Compound Interest

Question #3

The compound interest on Rs. 7800 at 10% per annum for 2 years is:

A. Rs. 1872

B. Rs. 1716

C. Rs. 1638

D. Rs. 1794

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Correct Answer: Option C

Explanation:
A = 7800 × 1.21 = 9438, CI = 9438 − 7800 = Rs. 1638.

This question belongs to: Maths Compound Interest

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