A sum of money at compound interest amounts to Rs. 6500 in 1 year and to Rs. 6760 in 2 years. Find the sum. MCQ with Answer and Explanation

Question

Share Report Error

A sum of money at compound interest amounts to Rs. 6500 in 1 year and to Rs. 6760 in 2 years. Find the sum.

A. Rs. 6300

B. Rs. 6000

C. Rs. 6250

D. Rs. 6400

Answer: Option C

Solution (By JKSSB Mock Tests)

Rate of interest = ((6760 - 6500) / 6500) * 100 = (260 / 6500) * 100 = 4%. Principal P = 6500 / (1 + 4/100) = 6500 / 1.04 = Rs. 6250.

This question belongs to: Maths Compound Interest

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Compound Interest Questions

Question #1

Share Report

The difference between simple interest and compound interest on a certain sum of money for 2 years at 8% per annum is Rs. 64. Find the sum.

A. Rs. 11000

B. Rs. 10000

C. Rs. 9000

D. Rs. 12000

View Answer & Solution Discuss

Get Complete Subject PDF for Maths

Correct Answer: Option B

Explanation:
Difference for 2 years = P * (R/100)^2 => 64 = P * (8/100)^2 => 64 = P * (64 / 10000) => P = Rs. 10000.

This question belongs to: Maths Compound Interest

Question #2

Share Report

The effective annual rate for 9% per annum compounded half-yearly is:

A. 9.25%

B. 9.30%

C. 9.10%

D. 9.20%

View Answer & Solution Discuss

Get Complete Subject PDF for Maths

Correct Answer: Option D

Explanation:
Half-yearly rate 4.5%, (1.045)² = 1.092025, effective = 9.2025% ≈ 9.20%.

This question belongs to: Maths Compound Interest

Question #3

Share Report

A sum of money doubles itself at compound interest in 8 years. In how many years will it become 16 times?

A. 24 years

B. 28 years

C. 32 years

D. 36 years

View Answer & Solution Discuss

Get Complete Subject PDF for Maths

Correct Answer: Option C

Explanation:
2 times in 8 years, 16 = 2⁴, so 8 × 4 = 32 years.

This question belongs to: Maths Compound Interest

Explore All Compound Interest MCQs