At what rate percent per annum will Rs. 20000 amount to Rs. 24200 in 2 years, compound interest compounded annually? MCQ with Answer and Explanation

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At what rate percent per annum will Rs. 20000 amount to Rs. 24200 in 2 years, compound interest compounded annually?

A. 8%

B. 10%

C. 14%

D. 12%

Answer: Option B

Solution (By JKSSB Mock Tests)

Amount/Principal = 24200 / 20000 = 121 / 100 = (11 / 10)^2. Therefore, 1 + R/100 = 11/10 => R/100 = 1/10 => R = 10%.

This question belongs to: Maths Compound Interest

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Question #1

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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 years

C. 2 years

D. 3.5 years

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Correct Answer: Option B

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

This question belongs to: Maths Compound Interest

Question #2

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What sum will amount to Rs. 5832 in 2 years at 8% per annum compound interest?

A. Rs. 5400

B. Rs. 5200

C. Rs. 5000

D. Rs. 4800

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Correct Answer: Option C

Explanation:
P = 5832 / (1.08)² = 5832 / 1.1664 = 5000.

This question belongs to: Maths Compound Interest

Question #3

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A sum of money at compound interest doubles itself in 5 years. In how many years will it become 8 times?

A. 25 years

B. 10 years

C. 15 years

D. 20 years

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Correct Answer: Option C

Explanation:
Doubles in 5 years; 8 = 2³, so time = 5 × 3 = 15 years.

This question belongs to: Maths Compound Interest

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