A sum of money at compound interest doubles in 10 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 doubles in 10 years. In how many years will it become 32 times?

A. 50 years

B. 60 years

C. 45 years

D. 40 years

Answer: Option A

Solution (By JKSSB Mock Tests)

32 = 2⁵, so 10 × 5 = 50 years.

This question belongs to: Maths Compound Interest

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Question #1

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If the compound interest on a certain sum for 2 years at 4% per annum is Rs. 102, find the simple interest on the same sum at the same rate for the same period.

A. Rs. 101

B. Rs. 100

C. Rs. 101.50

D. Rs. 98

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Correct Answer: Option B

Explanation:
Effective rate of compound interest for 2 years at 4% = 4 + 4 + (44)/100 = 8.16%. Simple interest rate = 4 * 2 = 8%. Given 8.16% of sum = 102, then 8% of sum = (102 / 8.16) * 8 = 12.5 * 8 = Rs. 100.

This question belongs to: Maths Compound Interest

Question #2

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Find the compound interest on Rs. 10000 for 1 year at 8% per annum, compounded quarterly.

A. Rs. 840.00

B. Rs. 800.00

C. Rs. 850.50

D. Rs. 824.32

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Correct Answer: Option D

Explanation:
Quarterly rate = 8 / 4 = 2%. Time = 4 quarters. Amount = 10000 * (1 + 2/100)^4 = 10000 * (1.02)^4 = 10000 * 1.082432 = Rs. 10824.32. Compound Interest = 10824.32 - 10000 = Rs. 824.32.

This question belongs to: Maths Compound Interest