A sum of money at compound interest amounts to Rs. 16105 in 2 years and Rs. 17715.50 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. 16105 in 2 years and Rs. 17715.50 in 3 years. Find the sum.

A. Rs. 12000

B. Rs. 13000

C. Rs. 13310

D. Rs. 12500

Answer: Option C

Solution (By JKSSB Mock Tests)

Rate = (17715.50/16105 − 1) × 100 = 10%. P = 16105 / 1.21 = 13310? 16105/1.21 = 13310 exactly. So answer D 13310.

This question belongs to: Maths Compound Interest

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Question #1

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A sum of money placed at compound interest doubles itself in 5 years. In how many years will it amount to eight times itself?

A. 10 years

B. 20 years

C. 25 years

D. 15 years

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Correct Answer: Option D

Explanation:
A sum becomes 2 times in 5 years. It will become 4 (2^2) times in 2 * 5 = 10 years. It will become 8 (2^3) times in 3 * 5 = 15 years.

This question belongs to: Maths Compound Interest

Question #2

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At what rate percent compound interest will a sum of Rs. 2000 become Rs. 2880 in 2 years?

A. 20%

B. 18%

C. 15%

D. 25%

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Correct Answer: Option A

Explanation:
2000(1+r)² = 2880 ⇒ (1+r)² = 1.44 = (1.2)² ⇒ r = 20%.

This question belongs to: Maths Compound Interest

Question #3

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The simple interest on a sum for 2 years at 6% is Rs. 360. The compound interest for the same period and rate is:

A. Rs. 370.80

B. Rs. 372.00

C. Rs. 378.00

D. Rs. 375.00

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Correct Answer: Option A

Explanation:
P = 36000/(6×2) = 3000. CI = 3000[(1.06)² − 1] = 3000 × 0.1236 = Rs. 370.80.

This question belongs to: Maths Compound Interest

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