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

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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. 1350

B. Rs. 1250

C. Rs. 1300

D. Rs. 1200

Answer: Option B

Solution (By JKSSB Mock Tests)

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

This question belongs to: Maths Compound Interest

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Question #1

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The simple interest on a sum for 2 years at 4% is Rs. 320. The compound interest on the same sum for 2 years at 4% is:

A. Rs. 345.60

B. Rs. 339.20

C. Rs. 332.80

D. Rs. 326.40

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Correct Answer: Option D

Explanation:
P = 32000/(4×2) = 4000. CI = 4000 × 0.0816 = 326.40.

This question belongs to: Maths Compound Interest

Question #2

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What is the principal if the amount after 3 years at 5% compound interest is Rs. 2315.25?

A. Rs. 2200

B. Rs. 2000

C. Rs. 1900

D. Rs. 2100

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Correct Answer: Option B

Explanation:
P = 2315.25 / (1.05)³ = 2315.25 / 1.157625 = 2000.

This question belongs to: Maths Compound Interest

Question #3

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At what rate percent compound interest will a sum of money become 9 times in 2 years?

A. 100%

B. 250%

C. 150%

D. 200%

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Correct Answer: Option D

Explanation:
(1 + r)² = 9 ⇒ 1 + r = 3 ⇒ r = 2 = 200%.

This question belongs to: Maths Compound Interest

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