A sum of money invested at compound interest doubles itself in 6 years. In how many years will it become 4 times of itself? MCQ with Answer and Explanation

Question

A sum of money invested at compound interest doubles itself in 6 years. In how many years will it become 4 times of itself?

A. 15 years

B. 9 years

C. 12 years

D. 18 years

Answer: Option C

Solution (By JKSSB Mock Tests)

The sum doubles (2^1) in 6 years. It will become 4 (2^2) times in 2 * 6 = 12 years.

This question belongs to: Maths Compound Interest

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Question #1

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The effective annual rate for 24% per annum compounded half-yearly is:

A. 25.44%

B. 26%

C. 26.50%

D. 25%

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Correct Answer: Option A

Explanation:
Half-yearly rate 12%, (1.12)² = 1.2544, effective = 25.44%.

This question belongs to: Maths Compound Interest

Question #2

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At what rate percent per annum will Rs. 50000 amount to Rs. 58320 in 2 years, compound interest compounded annually?

A. 10%

B. 12%

C. 6%

D. 8%

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Correct Answer: Option D

Explanation:
Amount/Principal = 58320 / 50000 = 5832 / 5000 = 11664 / 10000 = (108 / 100)^2. Therefore, 1 + R/100 = 1.08 => R = 8%.

This question belongs to: Maths Compound Interest

Question #3

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The compound interest on Rs. 1000 for 3 years at 10% per annum is:

A. Rs. 320

B. Rs. 310

C. Rs. 331

D. Rs. 340

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Correct Answer: Option C

Explanation:
A = 1000 × (1.1)³ = 1000 × 1.331 = 1331, CI = 1331 − 1000 = Rs. 331.

This question belongs to: Maths Compound Interest

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