A sum of money at compound interest becomes Rs. 8820 in 2 years and Rs. 9261 in 3 years. Find the rate. MCQ with Answer and Explanation

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A sum of money at compound interest becomes Rs. 8820 in 2 years and Rs. 9261 in 3 years. Find the rate.

A. 3%

B. 4%

C. 6%

D. 5%

Answer: Option D

Solution (By JKSSB Mock Tests)

Rate = (9261/8820 − 1) × 100 = (1.05 − 1)×100 = 5%.

This question belongs to: Maths Compound Interest

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Question #1

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What sum will amount to Rs. 7986 in 3 years at 10% compound interest?

A. Rs. 5800

B. Rs. 6200

C. Rs. 5500

D. Rs. 6000

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Correct Answer: Option D

Explanation:
P = 7986 / 1.331 = 6000.

This question belongs to: Maths Compound Interest

Question #2

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Find the amount on Rs. 1800 at 10% per annum compound interest for 2 years.

A. Rs. 2196

B. Rs. 2160

C. Rs. 2178

D. Rs. 2200

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Correct Answer: Option C

Explanation:
A = 1800 × (1.1)² = 1800 × 1.21 = 2178.

This question belongs to: Maths Compound Interest

Question #3

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In how many years will Rs. 1200 amount to Rs. 1323 at 5% per annum compound interest?

A. 3 years

B. 2.5 years

C. 2 years

D. 1.5 years

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Correct Answer: Option C

Explanation:
1200(1.05)^t = 1323 ⇒ (1.05)^t = 1.1025 = (1.05)² ⇒ t = 2.

This question belongs to: Maths Compound Interest

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