A sum of money placed at compound interest becomes double of itself in 8 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 8 years. In how many years will it become 16 times of itself?

A. 48 years

B. 24 years

C. 32 years

D. 40 years

Answer: Option C

Solution (By JKSSB Mock Tests)

The sum becomes 2^1 times in 8 years. It will become 16 (2^4) times in 4 * 8 = 32 years.

This question belongs to: Maths Compound Interest

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Question #1

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The compound interest on a sum for 2 years at 10% compounded half-yearly is Rs. 4310.12. The sum is:

A. Rs. 19000

B. Rs. 18000

C. Rs. 20000

D. Rs. 21000

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Correct Answer: Option C

Explanation:
CI = P[(1.05)⁴ − 1] = P × 0.21550625 = 4310.125 ⇒ P = 4310.125 / 0.21550625 = 20000.

This question belongs to: Maths Compound Interest

Question #2

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At what rate percent per annum will Rs. 8000 amount to Rs. 9261 in 3 years, compound interest compounded annually?

A. 4%

B. 6%

C. 8%

D. 5%

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Correct Answer: Option D

Explanation:
Amount/Principal = 9261 / 8000 = (21 / 20)^3. Therefore, 1 + R/100 = 21/20 => R/100 = 1/20 => R = 5%.

This question belongs to: Maths Compound Interest

Question #3

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If a sum of Rs. 8000 becomes Rs. 9261 in 3 years at compound interest compounded annually, find the rate of interest per annum.

A. 6%

B. 5%

C. 8%

D. 4%

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Correct Answer: Option B

Explanation:
Amount/Principal = 9261 / 8000 = (21 / 20)^3. Therefore, (1 + R/100)^3 = (21/20)^3 => 1 + R/100 = 21/20 => R/100 = 1/20 => R = 5%.

This question belongs to: Maths Compound Interest

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