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. 16 years

B. 18 years

C. 14 years

D. 12 years

Answer: Option B

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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The compound interest on Rs. 15000 at 10% per annum compounded half-yearly for 1 year is:

A. Rs. 1500

B. Rs. 1537.50

C. Rs. 1600

D. Rs. 1575

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Correct Answer: Option B

Explanation:
Half-yearly rate 5%, n=2. A = 15000 × (1.05)² = 15000 × 1.1025 = 16537.50, CI = 16537.50 − 15000 = Rs. 1537.50.

This question belongs to: Maths Compound Interest

Question #2

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At what rate per annum compound interest will Rs. 1000 become Rs. 1102.50 in 2 years?

A. 6%

B. 8%

C. 4%

D. 5%

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Correct Answer: Option D

Explanation:
1000(1+r)² = 1102.50 ⇒ (1+r)² = 1.1025 ⇒ 1+r = 1.05 ⇒ r = 5%.

This question belongs to: Maths Compound Interest

Question #3

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The compound interest on a sum for 2 years at 7% is Rs. 434.70. The sum is:

A. Rs. 2800

B. Rs. 3400

C. Rs. 3000

D. Rs. 3200

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Correct Answer: Option C

Explanation:
CI = P[(1.07)² − 1] = P × 0.1449 = 434.70 ⇒ P = 3000.

This question belongs to: Maths Compound Interest

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