A sum of money at compound interest becomes 2 times in 3 years. In how many years will it become 32 times? MCQ with Answer and Explanation

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A sum of money at compound interest becomes 2 times in 3 years. In how many years will it become 32 times?

A. 15 years

B. 21 years

C. 12 years

D. 18 years

Answer: Option A

Solution (By JKSSB Mock Tests)

32 = 2⁵, so 3 × 5 = 15 years.

This question belongs to: Maths Compound Interest

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Question #1

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Find the compound interest on Rs. 10000 for 1 year at 20% per annum, compounded quarterly.

A. Rs. 2250.00

B. Rs. 2155.06

C. Rs. 2000.00

D. Rs. 2200.00

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Correct Answer: Option B

Explanation:
Quarterly rate = 20 / 4 = 5%. Time = 4 quarters. Amount = 10000 * (1 + 5/100)^4 = 10000 * (1.05)^4 = 10000 * 1.21550625 = Rs. 12155.06. Compound Interest = 12155.06 - 10000 = Rs. 2155.06.

This question belongs to: Maths Compound Interest

Question #2

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The difference between compound interest and simple interest on a sum for 2 years at 10% is Rs. 50. The sum is:

A. Rs. 6000

B. Rs. 5000

C. Rs. 5500

D. Rs. 4500

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Correct Answer: Option B

Explanation:
D = P × (10/100)² = P × 0.01 = 50 ⇒ P = 5000.

This question belongs to: Maths Compound Interest

Question #3

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Find the principal if the compound interest on it for 2 years at 10% per annum is Rs. 525.

A. Rs. 2400

B. Rs. 2500

C. Rs. 2700

D. Rs. 2600

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Correct Answer: Option B

Explanation:
CI = P[(1.1)² − 1] = P × 0.21 = 525 ⇒ P = 525/0.21 = Rs. 2500.

This question belongs to: Maths Compound Interest

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