A sum amounts to Rs. 2662 in 3 years at 10% compound interest. The sum is: MCQ with Answer and Explanation

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A sum amounts to Rs. 2662 in 3 years at 10% compound interest. The sum is:

A. Rs. 1800

B. Rs. 2400

C. Rs. 2000

D. Rs. 2200

Answer: Option C

Solution (By JKSSB Mock Tests)

P = 2662 / (1.1)³ = 2662 / 1.331 = 2000.

This question belongs to: Maths Compound Interest

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Question #1

What sum will amount to Rs. 8820 in 2 years at 5% compound interest?

A. Rs. 7800

B. Rs. 8000

C. Rs. 8200

D. Rs. 8400

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Correct Answer: Option B

Explanation:
P = 8820 / 1.1025 = 8000.

This question belongs to: Maths Compound Interest

Question #2

A sum of money at compound interest becomes Rs. 8820 in 2 years and Rs. 9261 in 3 years. Find the rate.

A. 3%

B. 4%

C. 5%

D. 6%

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Correct Answer: Option C

Explanation:
Rate = (9261/8820 − 1) × 100 = (1.05 − 1)×100 = 5%.

This question belongs to: Maths Compound Interest

Question #3

The compound interest on a sum for 2 years at 10% compounded half-yearly is Rs. 215.50. The sum is:

A. Rs. 1050

B. Rs. 950

C. Rs. 1000

D. Rs. 900

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Correct Answer: Option C

Explanation:
Half-yearly rate 5%, n=4. CI = P[(1.05)⁴ − 1] = P × 0.21550625 = 215.50 ⇒ P = 215.50 / 0.21550625 = 1000.

This question belongs to: Maths Compound Interest

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