A sum of money becomes 2 times in 4 years at compound interest. In how many years will it become 8 times? MCQ with Answer and Explanation

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A sum of money becomes 2 times in 4 years at compound interest. In how many years will it become 8 times?

A. 16 years

B. 10 years

C. 12 years

D. 8 years

Answer: Option C

Solution (By JKSSB Mock Tests)

2 times in 4 years; 8 = 2³, so 4 × 3 = 12 years.

This question belongs to: Maths Compound Interest

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Question #1

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Find the compound interest on Rs. 10000 for 2 years at 10% per annum, compounded annually.

A. Rs. 2000

B. Rs. 2400

C. Rs. 2100

D. Rs. 2200

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Correct Answer: Option C

Explanation:
Amount = 10000 * (1 + 10/100)^2 = 10000 * 1.21 = Rs. 12100. Compound Interest = Amount - Principal = 12100 - 10000 = Rs. 2100.

This question belongs to: Maths Compound Interest

Question #2

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The difference between compound interest and simple interest on a sum for 2 years at 8% is Rs. 32. The sum is:

A. Rs. 4000

B. Rs. 5500

C. Rs. 5000

D. Rs. 4500

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Correct Answer: Option C

Explanation:
D = P × (0.08)² = P × 0.0064 = 32 ⇒ P = 5000.

This question belongs to: Maths Compound Interest

Question #3

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In how many years will Rs. 5000 amount to Rs. 6655 at 10% compound interest?

A. 2 years

B. 3 years

C. 3.5 years

D. 2.5 years

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Correct Answer: Option B

Explanation:
5000(1.1)^t = 6655 ⇒ (1.1)^t = 1.331 = (1.1)³ ⇒ t = 3.

This question belongs to: Maths Compound Interest

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