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

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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. 5%

B. 4%

C. 6%

D. 8%

Answer: Option A

Solution (By JKSSB Mock Tests)

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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Question #1

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The simple interest on a sum for 2 years at 4% is Rs. 200. The compound interest on the same sum for 2 years at 4% is:

A. Rs. 200

B. Rs. 204

C. Rs. 202

D. Rs. 206

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Correct Answer: Option B

Explanation:
P = 20000/(4×2) = 2500. CI = 2500 × [(1.04)² − 1] = 2500 × 0.0816 = 204.

This question belongs to: Maths Compound Interest

Question #2

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In how many years will Rs. 2500 amount to Rs. 2756.25 at 5% per annum compound interest?

A. 1.5 years

B. 2 years

C. 2.5 years

D. 3 years

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Correct Answer: Option B

Explanation:
2500(1.05)^t = 2756.25 ⇒ (1.05)^t = 1.1025 ⇒ t = 2.

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Question #3

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The compound interest on Rs. 16000 at 10% per annum for 1.5 years compounded half-yearly is:

A. Rs. 2600

B. Rs. 2522

C. Rs. 2400

D. Rs. 2662

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Correct Answer: Option B

Explanation:
Half-yearly rate 5%, n=3. A = 16000 × (1.05)³ = 16000 × 1.157625 = 18522, CI = 18522 − 16000 = 2522.

This question belongs to: Maths Compound Interest

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