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

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

A. 20 years

B. 12 years

C. 16 years

D. 24 years

Answer: Option C

Solution (By JKSSB Mock Tests)

The sum doubles (2^1) in 8 years. It will become 4 (2^2) times in 2 * 8 = 16 years.

This question belongs to: Maths Compound Interest

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Question #1

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A sum of money amounts to Rs. 10404 in 2 years at 2% compound interest. Find the sum.

A. Rs. 9800

B. Rs. 9900

C. Rs. 10100

D. Rs. 10000

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Correct Answer: Option D

Explanation:
P = 10404 / (1.02)² = 10404 / 1.0404 = 10000.

This question belongs to: Maths Compound Interest

Question #2

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Find the compound interest on Rs. 5000 at 10% per annum compounded half-yearly for 1 year.

A. Rs. 500

B. Rs. 550

C. Rs. 525

D. Rs. 512.50

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Correct Answer: Option D

Explanation:
Half-yearly rate 5%, n=2. A = 5000 × (1.05)² = 5000 × 1.1025 = 5512.50, CI = 5512.50 − 5000 = Rs. 512.50.

This question belongs to: Maths Compound Interest

Question #3

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A machine depreciates at 10% per annum. Its present value is Rs. 7290. What was its value 3 years ago?

A. Rs. 10000

B. Rs. 11000

C. Rs. 12000

D. Rs. 13000

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Correct Answer: Option A

Explanation:
Value 3 years ago = 7290 / (0.9)³ = 7290 / 0.729 = 10000.

This question belongs to: Maths Compound Interest

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