A sum of money placed at compound interest becomes double of itself in 5 years. In how many years will it become 16 times of itself? MCQ with Answer and Explanation

Question

A sum of money placed at compound interest becomes double of itself in 5 years. In how many years will it become 16 times of itself?

A. 30 years

B. 25 years

C. 20 years

D. 15 years

Answer: Option C

Solution (By JKSSB Mock Tests)

The sum becomes 2^1 times in 5 years. It will become 16 (2^4) times in 4 * 5 = 20 years.

This question belongs to: Maths Compound Interest

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Question #1

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A sum of money at compound interest amounts to Rs. 14520 in 2 years and to Rs. 15972 in 3 years. Find the sum.

A. Rs. 13000

B. Rs. 14000

C. Rs. 12000

D. Rs. 10000

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Correct Answer: Option C

Explanation:
Rate = (15972/14520 − 1) × 100 = 10%. P = 14520 / (1.1)² = 14520 / 1.21 = 12000.

This question belongs to: Maths Compound Interest

Question #2

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What sum will produce Rs. 204 as compound interest in 2 years at 4% per annum?

A. Rs. 2600

B. Rs. 2700

C. Rs. 2500

D. Rs. 2400

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Correct Answer: Option C

Explanation:
P = 204 / 0.0816 = 2500.

This question belongs to: Maths Compound Interest

Question #3

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The difference between simple interest and compound interest on a certain sum of money for 2 years at 5% per annum is Rs. 36. Find the sum.

A. Rs. 14400

B. Rs. 15000

C. Rs. 12000

D. Rs. 16000

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Correct Answer: Option A

Explanation:
Difference for 2 years = P * (R/100)^2 => 36 = P * (5/100)^2 => 36 = P * (25 / 10000) => P = (36 * 10000) / 25 = 14400.

This question belongs to: Maths Compound Interest

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