A sum of money amounts to Rs. 12960 in 2 years and Rs. 15552 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. 12960 in 2 years and Rs. 15552 in 3 years at compound interest. Find the sum.

A. Rs. 8500

B. Rs. 8000

C. Rs. 9500

D. Rs. 9000

Answer: Option D

Solution (By JKSSB Mock Tests)

Rate = (15552/12960 − 1) × 100 = 20%. P = 12960 / 1.44 = 9000.

This question belongs to: Maths Compound Interest

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Question #1

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Find the principal that yields a compound interest of Rs. 410 in 2 years at 5% per annum.

A. Rs. 4200

B. Rs. 4400

C. Rs. 3800

D. Rs. 4000

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Correct Answer: Option D

Explanation:
CI = P[(1.05)² − 1] = P × 0.1025 = 410 ⇒ P = 410 / 0.1025 = 4000.

This question belongs to: Maths Compound Interest

Question #2

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A sum of money invested at compound interest doubles itself in 7 years. In how many years will it become 8 times of itself?

A. 14 years

B. 21 years

C. 35 years

D. 28 years

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Correct Answer: Option B

Explanation:
The sum doubles (2^1) in 7 years. It will become 8 (2^3) times in 3 * 7 = 21 years.

This question belongs to: Maths Compound Interest

Question #3

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If the compound interest on a certain sum for 2 years at 12% per annum is Rs. 1590, find the simple interest on the same sum at the same rate for the same period.

A. Rs. 1400

B. Rs. 1500

C. Rs. 1450

D. Rs. 1550

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Correct Answer: Option B

Explanation:
Effective compound interest rate = 12 + 12 + (1212)/100 = 25.44%. Simple interest rate = 12 * 2 = 24%. Given 25.44% of sum = 1590 => Sum = 1590 / 0.2544 = Rs. 6250. Simple Interest = 24% of 6250 = Rs. 1500.

This question belongs to: Maths Compound Interest

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