A sum of money at compound interest amounts to Rs. 10648 in 3 years and Rs. 11712.80 in 4 years. Find the sum. MCQ with Answer and Explanation

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A sum of money at compound interest amounts to Rs. 10648 in 3 years and Rs. 11712.80 in 4 years. Find the sum.

A. Rs. 7500

B. Rs. 7000

C. Rs. 8000

D. Rs. 8500

Answer: Option C

Solution (By JKSSB Mock Tests)

Rate = (11712.80/10648 − 1) × 100 = 10%. P = 10648 / 1.331 = 8000.

This question belongs to: Maths Compound Interest

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Question #1

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In how many years will Rs. 1200 amount to Rs. 1323 at 5% per annum compound interest?

A. 2 years

B. 2.5 years

C. 1.5 years

D. 3 years

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Correct Answer: Option A

Explanation:
1200(1.05)^t = 1323 ⇒ (1.05)^t = 1.1025 = (1.05)² ⇒ t = 2.

This question belongs to: Maths Compound Interest

Question #2

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In how many years will a sum of Rs. 1600 amount to Rs. 1852.20 at 5% compound interest?

A. 3 years

B. 3.5 years

C. 2.5 years

D. 2 years

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Correct Answer: Option A

Explanation:
1600(1.05)^t = 1852.20 ⇒ (1.05)^t = 1.157625 = (1.05)³ ⇒ t = 3.

This question belongs to: Maths Compound Interest

Question #3

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The effective annual rate for 20% per annum compounded half-yearly is:

A. 22%

B. 21.5%

C. 21%

D. 20.5%

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Correct Answer: Option C

Explanation:
Half-yearly rate 10%, (1.1)² = 1.21, effective = 21%.

This question belongs to: Maths Compound Interest

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