A sum of money placed at compound interest becomes double of itself in 3 years. In how many years will it become 8 times of itself? MCQ with Answer and Explanation

Question

A sum of money placed at compound interest becomes double of itself in 3 years. In how many years will it become 8 times of itself?

A. 12 years

B. 6 years

C. 9 years

D. 15 years

Answer: Option C

Solution (By JKSSB Mock Tests)

The sum becomes 2^1 times in 3 years. It will become 8 (2^3) times in 3 * 3 = 9 years.

This question belongs to: Maths Compound Interest

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Question #1

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The compound interest on a certain sum for 2 years at 4% per annum is Rs. 1632. Find the principal sum.

A. Rs. 20000

B. Rs. 24000

C. Rs. 18000

D. Rs. 22000

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Correct Answer: Option A

Explanation:
Effective rate of compound interest for 2 years at 4% = 4 + 4 + (44)/100 = 8.16%. Given 8.16% of P = 1632 => P = 1632 / 0.0816 = Rs. 20000.

This question belongs to: Maths Compound Interest

Question #2

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The difference between CI and SI on Rs. 5800 for 2 years at 5% is:

A. Rs. 15.00

B. Rs. 14.50

C. Rs. 13.50

D. Rs. 14.00

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Correct Answer: Option B

Explanation:
D = 5800 × 0.0025 = Rs. 14.50.

This question belongs to: Maths Compound Interest

Question #3

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A sum of money amounts to Rs. 12960 in 2 years and Rs. 15552 in 3 years at compound interest. Find the sum.

A. Rs. 8500

B. Rs. 8000

C. Rs. 9500

D. Rs. 9000

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Correct Answer: Option D

Explanation:
Rate = (15552/12960 − 1) × 100 = 20%. P = 12960 / 1.44 = 9000.

This question belongs to: Maths Compound Interest

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