At what rate percent per annum will Rs. 64000 amount to Rs. 68921 in 3 years, compound interest compounded annually? MCQ with Answer and Explanation

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At what rate percent per annum will Rs. 64000 amount to Rs. 68921 in 3 years, compound interest compounded annually?

A. 4%

B. 2.5%

C. 6%

D. 5%

Answer: Option B

Solution (By JKSSB Mock Tests)

Amount/Principal = 68921 / 64000 = (41 / 40)^3. Therefore, 1 + R/100 = 41/40 => R/100 = 1/40 => R = 2.5%.

This question belongs to: Maths Compound Interest

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Question #1

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Find the compound interest on Rs. 2000 at 10% per annum for 1.5 years compounded half-yearly.

A. Rs. 300

B. Rs. 315.25

C. Rs. 350

D. Rs. 330

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Correct Answer: Option B

Explanation:
Half-yearly rate 5%, n=3. A = 2000 × (1.05)³ = 2000 × 1.157625 = 2315.25, CI = 2315.25 − 2000 = Rs. 315.25.

This question belongs to: Maths Compound Interest

Question #2

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Find the compound interest on Rs. 30000 for 1 year at 8% per annum, compounded quarterly.

A. Rs. 2510.00

B. Rs. 2400.00

C. Rs. 2550.50

D. Rs. 2472.96

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Correct Answer: Option D

Explanation:
Quarterly rate = 8 / 4 = 2%. Time = 4 quarters. Amount = 30000 * (1 + 2/100)^4 = 30000 * (1.02)^4 = 30000 * 1.08243216 = Rs. 32472.96. Compound Interest = 32472.96 - 30000 = Rs. 2472.96.

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Question #3

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What sum will amount to Rs. 2315.25 in 3 years at 5% compound interest?

A. Rs. 1900

B. Rs. 2000

C. Rs. 2100

D. Rs. 1800

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Correct Answer: Option B

Explanation:
P = 2315.25 / (1.05)³ = 2315.25 / 1.157625 = 2000.

This question belongs to: Maths Compound Interest

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