A sum of money amounts to Rs. 10584 in 2 years and Rs. 11113.20 in 3 years at compound interest. Find the sum. MCQ with Answer and Explanation

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A sum of money amounts to Rs. 10584 in 2 years and Rs. 11113.20 in 3 years at compound interest. Find the sum.

A. Rs. 9600

B. Rs. 9200

C. Rs. 9400

D. Rs. 9000

Answer: Option A

Solution (By JKSSB Mock Tests)

Rate = (11113.20/10584 − 1) × 100 = 5%. P = 10584 / 1.1025 = 9600.

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 Rs. 8820 in 2 years and Rs. 9261 in 3 years. Find the rate.

A. 3%

B. 6%

C. 4%

D. 5%

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Correct Answer: Option D

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

This question belongs to: Maths Compound Interest

Question #2

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Find the amount on Rs. 6000 at 8% per annum compound interest for 3 years.

A. Rs. 7600

B. Rs. 7560

C. Rs. 7558.27

D. Rs. 7580

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Correct Answer: Option C

Explanation:
A = 6000 × (1.08)³ = 6000 × 1.259712 = 7558.272.

This question belongs to: Maths Compound Interest

Question #3

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The difference between CI and SI on Rs. 5800 for 2 years at 5% is:

A. Rs. 15.00

B. Rs. 14.00

C. Rs. 13.50

D. Rs. 14.50

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Correct Answer: Option D

Explanation:
D = 5800 × 0.0025 = Rs. 14.50.

This question belongs to: Maths Compound Interest

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