A sum of money at compound interest doubles in 10 years. In how many years will it become 8 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 8 times?

A. 30 years

B. 20 years

C. 25 years

D. 40 years

Answer: Option A

Solution (By JKSSB Mock Tests)

Doubles in 10 years, 8 = 2³, so time = 10 × 3 = 30 years.

This question belongs to: Maths Compound Interest

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Question #1

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The difference between simple interest and compound interest on a certain sum of money for 2 years at 5% per annum is Rs. 144. Find the sum.

A. Rs. 60000

B. Rs. 55000

C. Rs. 57600

D. Rs. 64000

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Correct Answer: Option C

Explanation:
Difference for 2 years = P * (R/100)^2 => 144 = P * (5/100)^2 => 144 = P * (25 / 10000) => P = (144 * 10000) / 25 = Rs. 57600.

This question belongs to: Maths Compound Interest

Question #2

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A sum becomes Rs. 6615 in 2 years and Rs. 6945.75 in 3 years at compound interest. Find the sum.

A. Rs. 6200

B. Rs. 5800

C. Rs. 6400

D. Rs. 6000

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Correct Answer: Option D

Explanation:
Rate = (6945.75/6615 − 1) × 100 = 5%. P = 6615 / (1.05)² = 6615 / 1.1025 = 6000.

This question belongs to: Maths Compound Interest

Question #3

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A sum of money invested at compound interest doubles itself in 12 years. In how many years will it become 4 times of itself?

A. 18 years

B. 36 years

C. 24 years

D. 30 years

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Correct Answer: Option C

Explanation:
The sum doubles (2^1) in 12 years. It will become 4 (2^2) times in 2 * 12 = 24 years.

This question belongs to: Maths Compound Interest

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