At what rate will Rs. 8000 amount to Rs. 9261 in 3 years at compound interest? MCQ with Answer and Explanation

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At what rate will Rs. 8000 amount to Rs. 9261 in 3 years at compound interest?

A. 8%

B. 5%

C. 6%

D. 4%

Answer: Option B

Solution (By JKSSB Mock Tests)

8000(1+r)³ = 9261 ⇒ (1+r)³ = 1.157625 = (1.05)³ ⇒ r = 5%.

This question belongs to: Maths Compound Interest

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Question #1

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The simple interest on a sum for 3 years at 6% is Rs. 540. The compound interest on the same sum for 2 years at 6% is:

A. Rs. 380.00

B. Rs. 374.40

C. Rs. 370.80

D. Rs. 376.00

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Correct Answer: Option C

Explanation:
P = 54000/(6×3) = 3000. CI = 3000[(1.06)² − 1] = 3000 × 0.1236 = Rs. 370.80.

This question belongs to: Maths Compound Interest

Question #2

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The compound interest on a sum for 2 years at 8% is Rs. 665.60. The sum is:

A. Rs. 4000

B. Rs. 4400

C. Rs. 4200

D. Rs. 3800

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Correct Answer: Option A

Explanation:
CI = P × 0.1664 = 665.60 ⇒ P = 665.60 / 0.1664 = 4000.

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Question #3

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The difference between CI and SI on Rs. 4100 for 2 years at 5% is:

A. Rs. 10.25

B. Rs. 11.00

C. Rs. 9.50

D. Rs. 8.50

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Correct Answer: Option A

Explanation:
D = 4100 × 0.0025 = Rs. 10.25.

This question belongs to: Maths Compound Interest

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