A sum of money amounts to Rs. 6655 in 3 years and Rs. 7320.50 in 4 years at compound interest. The sum is: MCQ with Answer and Explanation

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A sum of money amounts to Rs. 6655 in 3 years and Rs. 7320.50 in 4 years at compound interest. The sum is:

A. Rs. 5000

B. Rs. 6000

C. Rs. 6500

D. Rs. 5500

Answer: Option A

Solution (By JKSSB Mock Tests)

Rate = (7320.50/6655 − 1) × 100 = 10%. P = 6655 / (1.1)³ = 6655 / 1.331 = 5000.

This question belongs to: Maths Compound Interest

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Question #1

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The difference between CI and SI on Rs. 12500 for 2 years at 4% is:

A. Rs. 22

B. Rs. 18

C. Rs. 16

D. Rs. 20

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Correct Answer: Option D

Explanation:
D = 12500 × 0.0016 = Rs. 20.

This question belongs to: Maths Compound Interest

Question #2

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In how many years will Rs. 2500 amount to Rs. 2756.25 at 5% per annum compound interest?

A. 1.5 years

B. 2.5 years

C. 2 years

D. 3 years

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Correct Answer: Option C

Explanation:
2500(1.05)^t = 2756.25 ⇒ (1.05)^t = 1.1025 ⇒ t = 2.

This question belongs to: Maths Compound Interest

Question #3

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The compound interest on Rs. 20000 at 8% per annum for 1 year compounded half-yearly is:

A. Rs. 1664

B. Rs. 1632

C. Rs. 1680

D. Rs. 1600

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Correct Answer: Option B

Explanation:
Half-yearly rate 4%, n=2. A = 20000 × (1.04)² = 20000 × 1.0816 = 21632, CI = 21632 − 20000 = Rs. 1632.

This question belongs to: Maths Compound Interest

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