Find the compound interest on Rs. 10000 for 2 years at 10% per annum, compounded annually. MCQ with Answer and Explanation

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Find the compound interest on Rs. 10000 for 2 years at 10% per annum, compounded annually.

A. Rs. 2400

B. Rs. 2000

C. Rs. 2100

D. Rs. 2200

Answer: Option C

Solution (By JKSSB Mock Tests)

Amount = 10000 * (1 + 10/100)^2 = 10000 * 1.21 = Rs. 12100. Compound Interest = Amount - Principal = 12100 - 10000 = Rs. 2100.

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 compound interest on a certain sum for 2 years at 5% per annum is Rs. 246. Find the principal sum.

A. Rs. 2500

B. Rs. 2400

C. Rs. 2200

D. Rs. 2600

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Correct Answer: Option B

Explanation:
Effective rate of compound interest for 2 years at 5% = 5 + 5 + (55)/100 = 10.25%. Given 10.25% of P = 246 => P = 246 / 0.1025 = Rs. 2400.

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Question #3

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The simple interest on a sum for 3 years at 10% is Rs. 900. The compound interest on the same sum for 2 years at 10% is:

A. Rs. 630

B. Rs. 690

C. Rs. 600

D. Rs. 660

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Correct Answer: Option A

Explanation:
P = 90000/(10×3) = 3000. CI = 3000 × 0.21 = 630.

This question belongs to: Maths Compound Interest

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