A sum of money amounts to Rs. 10404 in 2 years at 2% compound interest. Find the sum. MCQ with Answer and Explanation

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A sum of money amounts to Rs. 10404 in 2 years at 2% compound interest. Find the sum.

A. Rs. 9900

B. Rs. 9800

C. Rs. 10100

D. Rs. 10000

Answer: Option D

Solution (By JKSSB Mock Tests)

P = 10404 / (1.02)² = 10404 / 1.0404 = 10000.

This question belongs to: Maths Compound Interest

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Question #1

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A sum of money at compound interest becomes 2 times in 3 years. In how many years will it become 32 times?

A. 12 years

B. 15 years

C. 21 years

D. 18 years

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Correct Answer: Option B

Explanation:
32 = 2⁵, so 3 × 5 = 15 years.

This question belongs to: Maths Compound Interest

Question #2

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The difference between CI and SI on Rs. 6000 for 2 years at 5% is:

A. Rs. 12

B. Rs. 18

C. Rs. 15

D. Rs. 20

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Correct Answer: Option C

Explanation:
D = 6000 × (0.05)² = 6000 × 0.0025 = Rs. 15.

This question belongs to: Maths Compound Interest

Question #3

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The simple interest on a sum for 2 years at 5% is Rs. 500. The compound interest on the same sum for 2 years at 5% is:

A. Rs. 525

B. Rs. 500

C. Rs. 510

D. Rs. 512.50

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Correct Answer: Option D

Explanation:
P = 50000/(5×2) = 5000. CI = 5000[(1.05)² − 1] = 5000 × 0.1025 = Rs. 512.50.

This question belongs to: Maths Compound Interest

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