A sum of money at compound interest amounts to Rs. 6655 in 3 years and to Rs. 7320.50 in 4 years. Find the rate of interest. MCQ with Answer and Explanation

Question

A sum of money at compound interest amounts to Rs. 6655 in 3 years and to Rs. 7320.50 in 4 years. Find the rate of interest.

A. 9%

B. 8%

C. 11%

D. 10%

Answer: Option D

Solution (By JKSSB Mock Tests)

Rate = (7320.50/6655 − 1) × 100 = (1.1 − 1) × 100 = 10%.

This question belongs to: Maths Compound Interest

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Question #1

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What sum will amount to Rs. 1331 in 3 years at 10% compound interest?

A. Rs. 900

B. Rs. 1200

C. Rs. 1000

D. Rs. 1100

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Correct Answer: Option C

Explanation:
P = 1331 / 1.331 = 1000.

This question belongs to: Maths Compound Interest

Question #2

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The compound interest on Rs. 4300 at 10% per annum for 2 years is:

A. Rs. 946

B. Rs. 903

C. Rs. 860

D. Rs. 989

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Correct Answer: Option B

Explanation:
A = 4300 × 1.21 = 5203, CI = 5203 − 4300 = Rs. 903.

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Question #3

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In how many years will a sum of Rs. 5000 become Rs. 6655 at 10% per annum compound interest?

A. 2 years

B. 4 years

C. 5 years

D. 3 years

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Correct Answer: Option D

Explanation:
5000 × (1.1)^n = 6655 ⇒ (1.1)^n = 1.331 = (1.1)³ ⇒ n = 3 years.

This question belongs to: Maths Compound Interest

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