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. 12%

B. 11%

C. 10%

D. 9%

Answer: Option C

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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The difference between CI and SI on Rs. 8000 for 2 years at 5% per annum is:

A. Rs. 18

B. Rs. 16

C. Rs. 20

D. Rs. 22

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Correct Answer: Option C

Explanation:
Difference = P × (R/100)² = 8000 × 0.0025 = Rs. 20.

This question belongs to: Maths Compound Interest

Question #2

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The compound interest on Rs. 2400 for 2 years at 5% per annum is:

A. Rs. 240

B. Rs. 252

C. Rs. 246

D. Rs. 260

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Correct Answer: Option C

Explanation:
A = 2400 × (1.05)² = 2400 × 1.1025 = 2646, CI = 2646 − 2400 = Rs. 246.

This question belongs to: Maths Compound Interest

Question #3

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At what rate percent per annum compound interest will Rs. 400 amount to Rs. 484 in 2 years?

A. 12%

B. 10%

C. 8%

D. 15%

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Correct Answer: Option B

Explanation:
400(1 + r)² = 484 ⇒ (1+r)² = 1.21 ⇒ 1+r = 1.1 ⇒ r = 10%.

This question belongs to: Maths Compound Interest

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