A sum of money placed at compound interest becomes double of itself in 5 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 5 years. In how many years will it become 8 times of itself?

A. 25 years

B. 20 years

C. 10 years

D. 15 years

Answer: Option D

Solution (By JKSSB Mock Tests)

The sum becomes 2^1 times in 5 years. It will become 8 (2^3) times in 3 * 5 = 15 years.

This question belongs to: Maths Compound Interest

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Question #1

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The compound interest on Rs. 4000 for 3 years at 10% per annum is:

A. Rs. 1324

B. Rs. 1260

C. Rs. 1200

D. Rs. 1300

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Correct Answer: Option A

Explanation:
A = 4000 × (1.1)³ = 4000 × 1.331 = 5324, CI = 5324 − 4000 = Rs. 1324.

This question belongs to: Maths Compound Interest

Question #2

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A sum of money at compound interest doubles in 7 years. In how many years will it become 8 times?

A. 21 years

B. 35 years

C. 14 years

D. 28 years

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Correct Answer: Option A

Explanation:
Doubles in 7 years, 8 = 2³, so 7 × 3 = 21 years.

This question belongs to: Maths Compound Interest

Question #3

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At what rate of compound interest per annum will a sum of Rs. 800 become Rs. 882 in 2 years?

A. 8%

B. 5%

C. 6%

D. 4%

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Correct Answer: Option B

Explanation:
800 × (1 + r)² = 882 ⇒ (1+r)² = 1.1025 ⇒ 1+r = 1.05 ⇒ r = 5%.

This question belongs to: Maths Compound Interest

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