At what rate percent compound interest will Rs. 2400 amount to Rs. 2646 in 2 years? MCQ with Answer and Explanation

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At what rate percent compound interest will Rs. 2400 amount to Rs. 2646 in 2 years?

A. 5%

B. 6%

C. 4%

D. 7%

Answer: Option A

Solution (By JKSSB Mock Tests)

2400(1+r)² = 2646 ⇒ (1+r)² = 1.1025 ⇒ r = 5%.

This question belongs to: Maths Compound Interest

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Question #1

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If the compound interest on a sum for 2 years at 5% is Rs. 307.50, the simple interest on the same sum for 2 years at 5% is:

A. Rs. 310

B. Rs. 290

C. Rs. 300

D. Rs. 280

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Correct Answer: Option C

Explanation:
CI = P × 0.1025 = 307.50 ⇒ P = 3000. SI = 3000 × 5 × 2 / 100 = Rs. 300.

This question belongs to: Maths Compound Interest

Question #2

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In how many years will Rs. 10000 amount to Rs. 13310 at 10% per annum compound interest?

A. 2.5 years

B. 3.5 years

C. 3 years

D. 2 years

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Correct Answer: Option C

Explanation:
10000(1.1)^t = 13310 ⇒ (1.1)^t = 1.331 = (1.1)³ ⇒ t = 3.

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Question #3

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The compound interest on Rs. 3300 at 10% per annum for 2 years is:

A. Rs. 750

B. Rs. 726

C. Rs. 693

D. Rs. 780

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Correct Answer: Option C

Explanation:
A = 3300 × (1.1)² = 3300 × 1.21 = 3993, CI = 3993 − 3300 = Rs. 693.

This question belongs to: Maths Compound Interest

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