A sum of money at compound interest doubles in 5 years. In how many years will it become 16 times? MCQ with Answer and Explanation

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A sum of money at compound interest doubles in 5 years. In how many years will it become 16 times?

A. 15 years

B. 20 years

C. 25 years

D. 18 years

Answer: Option B

Solution (By JKSSB Mock Tests)

16 = 2⁴, so 5 × 4 = 20 years.

This question belongs to: Maths Compound Interest

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Question #1

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In how many years will a sum of Rs. 5000 become Rs. 6655 at 10% per annum compound interest?

A. 3 years

B. 2 years

C. 4 years

D. 5 years

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Correct Answer: Option A

Explanation:
5000 × (1.1)^n = 6655 ⇒ (1.1)^n = 1.331 = (1.1)³ ⇒ n = 3 years.

This question belongs to: Maths Compound Interest

Question #2

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What sum will amount to Rs. 2420 in 2 years at 10% per annum compound interest?

A. Rs. 2100

B. Rs. 2000

C. Rs. 1800

D. Rs. 1900

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Correct Answer: Option B

Explanation:
P = 2420 / (1.1)² = 2420 / 1.21 = 2000.

This question belongs to: Maths Compound Interest

Question #3

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Find the compound interest on Rs. 20000 for 1 year at 12% per annum, compounded quarterly.

A. Rs. 2510.18

B. Rs. 2600.00

C. Rs. 2400.00

D. Rs. 2550.00

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Correct Answer: Option A

Explanation:
Quarterly rate = 12 / 4 = 3%. Time = 4 quarters. Amount = 20000 * (1 + 3/100)^4 = 20000 * (1.03)^4 = 20000 * 1.12550881 = Rs. 22510.18. Compound Interest = 22510.18 - 20000 = Rs. 2510.18.

This question belongs to: Maths Compound Interest

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