A sum of money at compound interest doubles in 6 years. In how many years will it become 4 times? MCQ with Answer and Explanation

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A sum of money at compound interest doubles in 6 years. In how many years will it become 4 times?

A. 10 years

B. 18 years

C. 12 years

D. 9 years

Answer: Option C

Solution (By JKSSB Mock Tests)

Doubles in 6 years, 4 = 2², so 6 × 2 = 12 years.

This question belongs to: Maths Compound Interest

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Question #1

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What is the compound interest on Rs. 40000 for 1 year at 20% per annum, compounded half-yearly?

A. Rs. 8400

B. Rs. 8600

C. Rs. 8800

D. Rs. 8000

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Correct Answer: Option A

Explanation:
Half-yearly rate = 20/2 = 10%. Time = 2 half-years. Amount = 40000 * (1 + 10/100)^2 = 40000 * 1.21 = Rs. 48400. Compound Interest = 48400 - 40000 = Rs. 8400.

This question belongs to: Maths Compound Interest

Question #2

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The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is Rs. 124. Find the sum.

A. Rs. 3500

B. Rs. 4000

C. Rs. 4500

D. Rs. 5000

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Correct Answer: Option B

Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 124 = P * (10/100)^2 * (3 + 10/100) => 124 = P * (1/100) * (3.1) => 124 = P * 0.031 => P = 124 / 0.031 = Rs. 4000.

This question belongs to: Maths Compound Interest