A sum of money amounts to Rs. 4840 in 2 years and Rs. 5324 in 3 years at compound interest. Find the rate. MCQ with Answer and Explanation

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A sum of money amounts to Rs. 4840 in 2 years and Rs. 5324 in 3 years at compound interest. Find the rate.

A. 10%

B. 12%

C. 15%

D. 8%

Answer: Option A

Solution (By JKSSB Mock Tests)

Rate = (5324/4840 − 1) × 100 = (1.1 − 1) × 100 = 10%.

This question belongs to: Maths Compound Interest

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Question #1

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At what rate percent per annum will Rs. 10000 amount to Rs. 12100 in 2 years, compound interest compounded annually?

A. 8%

B. 14%

C. 12%

D. 10%

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Correct Answer: Option D

Explanation:
Amount/Principal = 12100 / 10000 = (11 / 10)^2. Therefore, 1 + R/100 = 11/10 => R/100 = 1/10 => R = 10%.

This question belongs to: Maths Compound Interest

Question #2

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A sum of money at compound interest amounts to Rs. 1352 in 2 years and Rs. 1406.08 in 3 years. Find the sum.

A. Rs. 1300

B. Rs. 1200

C. Rs. 1250

D. Rs. 1350

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Correct Answer: Option C

Explanation:
Rate = (1406.08/1352 − 1)×100 = 4%. P = 1352 / (1.04)² = 1352 / 1.0816 = 1250.

This question belongs to: Maths Compound Interest

Question #3

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What will be the amount on Rs. 2400 at 10% per annum compound interest for 2 years?

A. Rs. 2904

B. Rs. 2880

C. Rs. 2800

D. Rs. 3000

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Correct Answer: Option A

Explanation:
A = 2400 × (1.1)² = 2400 × 1.21 = 2904.

This question belongs to: Maths Compound Interest

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