A sum of money at compound interest becomes 8 times in 3 years. The rate of interest is: MCQ with Answer and Explanation

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A sum of money at compound interest becomes 8 times in 3 years. The rate of interest is:

A. 120%

B. 80%

C. 100%

D. 50%

Answer: Option C

Solution (By JKSSB Mock Tests)

(1+r)³ = 8 ⇒ 1+r = 2 ⇒ r = 100%.

This question belongs to: Maths Compound Interest

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Question #1

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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. 6 years

C. 5 years

D. 9 years

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Correct Answer: Option B

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

This question belongs to: Maths Compound Interest

Question #2

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In how many years will Rs. 3600 amount to Rs. 3969 at 5% per annum compound interest?

A. 1.5 years

B. 2.5 years

C. 2 years

D. 3 years

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Correct Answer: Option C

Explanation:
3600(1.05)^t = 3969 ⇒ (1.05)^t = 1.1025 ⇒ t = 2.

This question belongs to: Maths Compound Interest

Question #3

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At what rate percent compound interest will a sum of money become 9 times in 2 years?

A. 150%

B. 100%

C. 250%

D. 200%

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Correct Answer: Option D

Explanation:
(1 + r)² = 9 ⇒ 1 + r = 3 ⇒ r = 2 = 200%.

This question belongs to: Maths Compound Interest

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