At what rate percent compound interest will Rs. 800 amount to Rs. 968 in 2 years? MCQ with Answer and Explanation

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At what rate percent compound interest will Rs. 800 amount to Rs. 968 in 2 years?

A. 10%

B. 8%

C. 15%

D. 12%

Answer: Option A

Solution (By JKSSB Mock Tests)

800(1+r)² = 968 ⇒ (1+r)² = 1.21 ⇒ r = 10%.

This question belongs to: Maths Compound Interest

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Question #1

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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. 3000

C. Rs. 3075

D. Rs. 3150

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Correct Answer: Option C

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

Question #2

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The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is Rs. 310. Find the sum.

A. Rs. 8000

B. Rs. 15000

C. Rs. 12000

D. Rs. 10000

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Correct Answer: Option D

Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 310 = P * (10/100)^2 * (3 + 10/100) => 310 = P * (1/100) * (3.1) => P = 310 / 0.031 = Rs. 10000.

This question belongs to: Maths Compound Interest