A sum of money at compound interest triples in 8 years. In how many years will it become 9 times? MCQ with Answer and Explanation

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A sum of money at compound interest triples in 8 years. In how many years will it become 9 times?

A. 16 years

B. 14 years

C. 12 years

D. 18 years

Answer: Option A

Solution (By JKSSB Mock Tests)

3 times in 8 years, 9 = 3² ⇒ 8 × 2 = 16 years.

This question belongs to: Maths Compound Interest

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Practice More Compound Interest Questions

Question #1

Find the compound interest on Rs. 5600 at 5% per annum for 2 years.

A. Rs. 600

B. Rs. 588

C. Rs. 560

D. Rs. 574

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Correct Answer: Option D

Explanation:
A = 5600 × 1.1025 = 6174, CI = 6174 − 5600 = Rs. 574.

This question belongs to: Maths Compound Interest

Question #2

The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is Rs. 217. Find the sum.

A. Rs. 8000

B. Rs. 6500

C. Rs. 7000

D. Rs. 7500

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Correct Answer: Option C

Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 217 = P * (10/100)^2 * (3 + 10/100) => 217 = P * (1/100) * (3.1) => 217 = P * 0.031 => P = 217 / 0.031 = Rs. 7000.

This question belongs to: Maths Compound Interest

Question #3

At what rate percent compound interest will Rs. 1600 amount to Rs. 1852.20 in 3 years?

A. 5%

B. 7%

C. 4%

D. 6%

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Correct Answer: Option A

Explanation:
1600(1+r)³ = 1852.20 ⇒ (1+r)³ = 1.157625 = (1.05)³ ⇒ r = 5%.

This question belongs to: Maths Compound Interest

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