A sum of money doubles in 6 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 doubles in 6 years at compound interest. In how many years will it become 8 times?

A. 18 years

B. 16 years

C. 12 years

D. 14 years

Answer: Option A

Solution (By JKSSB Mock Tests)

2³ = 8, so 6 × 3 = 18 years.

This question belongs to: Maths Compound Interest

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Question #1

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In how many years will Rs. 2000 amount to Rs. 2420 at 10% per annum compound interest, compounded annually?

A. 2 years

B. 1 year

C. 1.5 years

D. 3 years

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Correct Answer: Option A

Explanation:
Amount/Principal = 2420 / 2000 = 121 / 100 = (11 / 10)^2. Since the annual rate is 10%, expansion factor is 11/10. Therefore, time = 2 years.

This question belongs to: Maths Compound Interest

Question #2

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A sum of money invested at compound interest doubles itself in 15 years. In how many years will it become 4 times of itself?

A. 60 years

B. 30 years

C. 45 years

D. 20 years

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Correct Answer: Option B

Explanation:
The sum doubles (2^1) in 15 years. It will become 4 (2^2) times in 2 * 15 = 30 years.

This question belongs to: Maths Compound Interest

Question #3

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At what rate percent compound interest will a sum of Rs. 4000 become Rs. 5324 in 3 years?

A. 12%

B. 8%

C. 10%

D. 15%

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Correct Answer: Option C

Explanation:
4000(1+r)³ = 5324 ⇒ (1+r)³ = 1.331 = (1.1)³ ⇒ r = 10%.

This question belongs to: Maths Compound Interest

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