At what rate percent compound interest will a sum of money become 9 times in 2 years? MCQ with Answer and Explanation

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At what rate percent compound interest will a sum of money become 9 times in 2 years?

A. 150%

B. 100%

C. 200%

D. 250%

Answer: Option C

Solution (By JKSSB Mock Tests)

(1 + r)² = 9 ⇒ 1 + r = 3 ⇒ r = 2 = 200%.

This question belongs to: Maths Compound Interest

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Question #1

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A sum of money placed at compound interest becomes double of itself in 6 years. In how many years will it become 8 times of itself?

A. 24 years

B. 12 years

C. 18 years

D. 30 years

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Correct Answer: Option C

Explanation:
The sum becomes 2^1 times in 6 years. It will become 8 (2^3) times in 3 * 6 = 18 years.

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. 8820 in 2 years, compound interest compounded annually?

A. 8%

B. 4%

C. 6%

D. 5%

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Correct Answer: Option D

Explanation:
Amount/Principal = 8820 / 8000 = 882 / 800 = 441 / 400 = (21 / 20)^2. 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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The difference between CI and SI on Rs. 6800 for 2 years at 10% is:

A. Rs. 65

B. Rs. 60

C. Rs. 68

D. Rs. 70

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Correct Answer: Option C

Explanation:
D = 6800 × 0.01 = Rs. 68.

This question belongs to: Maths Compound Interest

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