At what rate percent compound interest will Rs. 5000 amount to Rs. 6050 in 2 years? MCQ with Answer and Explanation

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At what rate percent compound interest will Rs. 5000 amount to Rs. 6050 in 2 years?

A. 12%

B. 10%

C. 9%

D. 8%

Answer: Option B

Solution (By JKSSB Mock Tests)

5000(1+r)² = 6050 ⇒ (1+r)² = 1.21 ⇒ r = 10%.

This question belongs to: Maths Compound Interest

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Question #1

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The population of a city increases at the rate of 5% annually. If the present population is 185220, what was its population 3 years ago?

A. 170000

B. 180000

C. 160000

D. 150000

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Correct Answer: Option C

Explanation:
Population 3 years ago = 185220 / (1 + 5/100)^3 = 185220 / (21/20)^3 = 185220 * 8000 / 9261 = 20 * 8000 = 160000.

This question belongs to: Maths Compound Interest

Question #2

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At what rate percent compound interest will Rs. 2700 amount to Rs. 3267 in 2 years?

A. 15%

B. 12%

C. 8%

D. 10%

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Correct Answer: Option D

Explanation:
2700(1+r)² = 3267 ⇒ (1+r)² = 1.21 ⇒ r = 10%.

This question belongs to: Maths Compound Interest

Question #3

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What is the compound interest on Rs. 30000 for 1 year at 10% per annum, compounded half-yearly?

A. Rs. 3100

B. Rs. 3075

C. Rs. 3150

D. Rs. 3000

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Correct Answer: Option B

Explanation:
Half-yearly rate = 10/2 = 5%. Time = 2 half-years. Amount = 30000 * (1 + 5/100)^2 = 30000 * 1.1225 = Rs. 33075. Compound Interest = 33075 - 30000 = Rs. 3075.

This question belongs to: Maths Compound Interest

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