A sum of money doubles itself in 6 years at compound interest compounded annually. In how many years will it become 16 times of itself? MCQ with Answer and Explanation

Question

A sum of money doubles itself in 6 years at compound interest compounded annually. In how many years will it become 16 times of itself?

A. 24 years

B. 36 years

C. 30 years

D. 18 years

Answer: Option A

Solution (By JKSSB Mock Tests)

The sum becomes 2^1 times in 6 years. It will become 16 (2^4) times in 4 * 6 = 24 years.

This question belongs to: Maths Compound Interest

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Compound Interest Questions

Question #1

Share Report

The difference between simple interest and compound interest on a certain sum of money for 2 years at 10% per annum is Rs. 100. Find the sum.

A. Rs. 9000

B. Rs. 11000

C. Rs. 10000

D. Rs. 12000

View Answer & Solution Discuss

Get Complete Subject PDF for Maths

Correct Answer: Option C

Explanation:
Difference for 2 years = P * (R/100)^2 => 100 = P * (10/100)^2 => 100 = P * 0.01 => P = Rs. 10000.

This question belongs to: Maths Compound Interest

Question #2

Share Report

The simple interest on a sum for 2 years at 5% is Rs. 500. The compound interest on the same sum for 2 years at 5% is:

A. Rs. 525

B. Rs. 500

C. Rs. 510

D. Rs. 512.50

View Answer & Solution Discuss

Get Complete Subject PDF for Maths

Correct Answer: Option D

Explanation:
P = 50000/(5×2) = 5000. CI = 5000[(1.05)² − 1] = 5000 × 0.1025 = Rs. 512.50.

This question belongs to: Maths Compound Interest

Question #3

Share Report

What sum will amount to Rs. 7986 in 3 years at 10% compound interest?

A. Rs. 6200

B. Rs. 6000

C. Rs. 5800

D. Rs. 5500

View Answer & Solution Discuss

Get Complete Subject PDF for Maths

Correct Answer: Option B

Explanation:
P = 7986 / 1.331 = 6000.

This question belongs to: Maths Compound Interest

Explore All Compound Interest MCQs