At what rate percent per annum will a sum of Rs. 1000 amount to Rs. 1331 in 3 years at compound interest? MCQ with Answer and Explanation

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At what rate percent per annum will a sum of Rs. 1000 amount to Rs. 1331 in 3 years at compound interest?

A. 9%

B. 10%

C. 12%

D. 11%

Answer: Option B

Solution (By JKSSB Mock Tests)

1000 × (1 + R/100)³ = 1331 ⇒ (1 + R/100)³ = 1.331 = (1.1)³ ⇒ R/100 = 0.1 ⇒ R = 10%.

This question belongs to: Maths Compound Interest

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Question #1

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A machine depreciates at 10% per annum. Its present value is Rs. 7290. What was its value 3 years ago?

A. Rs. 11000

B. Rs. 10000

C. Rs. 13000

D. Rs. 12000

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Correct Answer: Option B

Explanation:
Value 3 years ago = 7290 / (0.9)³ = 7290 / 0.729 = 10000.

This question belongs to: Maths Compound Interest

Question #2

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The simple interest on a sum for 2 years at 6% is Rs. 720. The compound interest on the same sum for 2 years at 6% is:

A. Rs. 741.60

B. Rs. 756.00

C. Rs. 748.80

D. Rs. 763.20

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Correct Answer: Option A

Explanation:
P = 72000/(6×2) = 6000. CI = 6000 × 0.1236 = Rs. 741.60.

This question belongs to: Maths Compound Interest

Question #3

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A sum of money doubles itself in 8 years at compound interest. In how many years will it become four times of itself?

A. 20 years

B. 24 years

C. 12 years

D. 16 years

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Correct Answer: Option D

Explanation:
The sum doubles (2^1) in 8 years. It will become 4 (2^2) times in 2 * 8 = 16 years.

This question belongs to: Maths Compound Interest

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