A sum of money at compound interest becomes 8 times in 3 years. In how many years will it become 64 times? MCQ with Answer and Explanation

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A sum of money at compound interest becomes 8 times in 3 years. In how many years will it become 64 times?

A. 4 years

B. 9 years

C. 6 years

D. 5 years

Answer: Option C

Solution (By JKSSB Mock Tests)

8 times in 3 years, 64 = 8² ⇒ 3 × 2 = 6 years.

This question belongs to: Maths Compound Interest

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Question #1

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The difference between CI and SI on Rs. 12500 for 2 years at 4% is:

A. Rs. 20

B. Rs. 18

C. Rs. 16

D. Rs. 22

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Correct Answer: Option A

Explanation:
D = 12500 × 0.0016 = Rs. 20.

This question belongs to: Maths Compound Interest

Question #2

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The difference between CI and SI on Rs. 10000 for 2 years at 10% per annum is:

A. Rs. 120

B. Rs. 100

C. Rs. 110

D. Rs. 90

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Correct Answer: Option B

Explanation:
Difference = P × (R/100)² = 10000 × 0.01 = Rs. 100.

This question belongs to: Maths Compound Interest

Question #3

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The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is Rs. 930. Find the sum.

A. Rs. 34000

B. Rs. 32000

C. Rs. 28000

D. Rs. 30000

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Correct Answer: Option D

Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 930 = P * (10/100)^2 * (3 + 10/100) => 930 = P * (1/100) * (3.1) => 930 = P * 0.031 => P = 930 / 0.031 = Rs. 30000.

This question belongs to: Maths Compound Interest

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