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. 8%

B. 4%

C. 5%

D. 6%

Answer: Option C

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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Find the compound interest on Rs. 15625 for 9 months at 16% per annum, compounded quarterly.

A. Rs. 2100

B. Rs. 2000

C. Rs. 1850

D. Rs. 1951

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Correct Answer: Option D

Explanation:
Quarterly rate = 16 / 4 = 4%. Time = 9 months = 3 quarters. Amount = 15625 * (1 + 4/100)^3 = 15625 * (26/25)^3 = 15625 * (17576 / 15625) = Rs. 17576. Compound Interest = 17576 - 15625 = Rs. 1951.

This question belongs to: Maths Compound Interest

Question #2

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A sum of money at compound interest doubles in 5 years. In how many years will it become 16 times?

A. 20 years

B. 15 years

C. 25 years

D. 18 years

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Correct Answer: Option A

Explanation:
16 = 2⁴, so 5 × 4 = 20 years.

This question belongs to: Maths Compound Interest

Question #3

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A sum amounts to Rs. 2420 in 2 years and Rs. 2662 in 3 years at compound interest. Find the sum.

A. Rs. 1900

B. Rs. 2000

C. Rs. 2100

D. Rs. 1800

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Correct Answer: Option B

Explanation:
Rate = (2662/2420 − 1) × 100 = 10%. P = 2420 / (1.1)² = 2420 / 1.21 = 2000.

This question belongs to: Maths Compound Interest

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