A sum of money placed at compound interest becomes double of itself in 5 years. In how many years will it become 64 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 64 times of itself?

A. 25 years

B. 35 years

C. 30 years

D. 40 years

Answer: Option C

Solution (By JKSSB Mock Tests)

The sum becomes 2^1 times in 5 years. It will become 64 (2^6) times in 6 * 5 = 30 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 becomes 5 times in 5 years. In how many years will it become 125 times?

A. 12 years

B. 15 years

C. 20 years

D. 10 years

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Correct Answer: Option B

Explanation:
125 = 5³, so 5 × 3 = 15 years.

This question belongs to: Maths Compound Interest

Question #2

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A sum of money at compound interest doubles in 10 years. In how many years will it become 8 times?

A. 25 years

B. 30 years

C. 40 years

D. 20 years

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Correct Answer: Option B

Explanation:
Doubles in 10 years, 8 = 2³, so time = 10 × 3 = 30 years.

This question belongs to: Maths Compound Interest

Question #3

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Find the compound interest on Rs. 30000 for 1 year at 8% per annum, compounded quarterly.

A. Rs. 2400.00

B. Rs. 2510.00

C. Rs. 2472.96

D. Rs. 2550.50

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Correct Answer: Option C

Explanation:
Quarterly rate = 8 / 4 = 2%. Time = 4 quarters. Amount = 30000 * (1 + 2/100)^4 = 30000 * (1.02)^4 = 30000 * 1.08243216 = Rs. 32472.96. Compound Interest = 32472.96 - 30000 = Rs. 2472.96.

This question belongs to: Maths Compound Interest

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