A sum of money at compound interest becomes Rs. 7396 in 2 years and Rs. 7950.70 in 3 years. Find the sum. MCQ with Answer and Explanation

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A sum of money at compound interest becomes Rs. 7396 in 2 years and Rs. 7950.70 in 3 years. Find the sum.

A. Rs. 6500

B. Rs. 6000

C. Rs. 6400

D. Rs. 6250

Answer: Option C

Solution (By JKSSB Mock Tests)

Rate = (7950.70/7396 - 1)*100 = 7.5%? 7950.70/7396 = 1.075, so 7.5%. P = 7396 / (1.075)² = 7396 / 1.155625 = 6400 exactly. Check: 1.075^2 = 1.155625, 6400*1.155625 = 7396. So answer 6400.

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. 6900 for 2 years at 10% is:

A. Rs. 69

B. Rs. 65

C. Rs. 72

D. Rs. 60

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Correct Answer: Option A

Explanation:
D = 6900 × 0.01 = Rs. 69.

This question belongs to: Maths Compound Interest

Question #2

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A sum amounts to Rs. 1331 in 3 years and Rs. 1464.10 in 4 years at compound interest. Find the sum.

A. Rs. 800

B. Rs. 1000

C. Rs. 1100

D. Rs. 900

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Correct Answer: Option B

Explanation:
Rate = (1464.10/1331 − 1) × 100 = 10%. P = 1331 / (1.1)³ = 1331 / 1.331 = 1000.

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Question #3

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The compound interest on Rs. 14000 at 10% per annum for 2 years is:

A. Rs. 3080

B. Rs. 3100

C. Rs. 2940

D. Rs. 2800

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Correct Answer: Option C

Explanation:
A = 14000 × (1.1)² = 14000 × 1.21 = 16940, CI = 16940 − 14000 = Rs. 2940.

This question belongs to: Maths Compound Interest

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