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. 20 years

B. 30 years

C. 40 years

D. 25 years

Answer: Option B

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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A sum of money at compound interest becomes 2.25 times in 2 years. The rate of interest is:

A. 50%

B. 45%

C. 55%

D. 40%

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Correct Answer: Option A

Explanation:
(1+r)² = 2.25 ⇒ 1+r = 1.5 ⇒ r = 50%.

This question belongs to: Maths Compound Interest

Question #2

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If Rs. 5000 becomes Rs. 5832 in 2 years at compound interest, the rate is:

A. 6%

B. 8%

C. 7%

D. 9%

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Correct Answer: Option B

Explanation:
5000(1+r)² = 5832 ⇒ (1+r)² = 1.1664 = (1.08)² ⇒ r = 8%.

This question belongs to: Maths Compound Interest

Question #3

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What sum will produce Rs. 410 as compound interest in 2 years at 5% per annum?

A. Rs. 4000

B. Rs. 3800

C. Rs. 4200

D. Rs. 4400

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Correct Answer: Option A

Explanation:
P = 410 / [(1.05)² − 1] = 410 / 0.1025 = 4000.

This question belongs to: Maths Compound Interest

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