A sum of money placed at compound interest doubles itself in 5 years. In how many years will it amount to eight times itself? MCQ with Answer and Explanation

Question

A sum of money placed at compound interest doubles itself in 5 years. In how many years will it amount to eight times itself?

A. 20 years

B. 15 years

C. 25 years

D. 10 years

Answer: Option B

Solution (By JKSSB Mock Tests)

A sum becomes 2 times in 5 years. It will become 4 (2^2) times in 2 * 5 = 10 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 a certain sum for 2 years at 4% per annum is Rs. 1632. Find the principal sum.

A. Rs. 24000

B. Rs. 20000

C. Rs. 18000

D. Rs. 22000

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Correct Answer: Option B

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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If Rs. 5000 becomes Rs. 5832 in 2 years at compound interest, the rate is:

A. 7%

B. 8%

C. 9%

D. 6%

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Correct Answer: Option B

Explanation:
5000(1+r)² = 5832 ⇒ (1+r)² = 1.1664 = (1.08)² ⇒ r = 8%.

This question belongs to: Maths Compound Interest

Question #3

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The difference between CI and SI on Rs. 5200 for 2 years at 10% is:

A. Rs. 55

B. Rs. 48

C. Rs. 52

D. Rs. 50

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Correct Answer: Option C

Explanation:
D = 5200 × 0.01 = Rs. 52.

This question belongs to: Maths Compound Interest

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