Find the compound interest on Rs. 5600 at 5% per annum for 2 years. MCQ with Answer and Explanation

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Find the compound interest on Rs. 5600 at 5% per annum for 2 years.

A. Rs. 560

B. Rs. 574

C. Rs. 600

D. Rs. 588

Answer: Option B

Solution (By JKSSB Mock Tests)

A = 5600 × 1.1025 = 6174, CI = 6174 − 5600 = Rs. 574.

This question belongs to: Maths Compound Interest

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Question #1

The difference between CI and SI on Rs. 15000 for 2 years at 10% is:

A. Rs. 150

B. Rs. 140

C. Rs. 130

D. Rs. 120

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Correct Answer: Option A

Explanation:
D = 15000 × 0.01 = Rs. 150.

This question belongs to: Maths Compound Interest

Question #2

A sum of money placed at compound interest becomes double of itself in 5 years. In how many years will it become 16 times of itself?

A. 30 years

B. 20 years

C. 25 years

D. 15 years

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Correct Answer: Option B

Explanation:
The sum becomes 2^1 times in 5 years. It will become 16 (2^4) times in 4 * 5 = 20 years.

This question belongs to: Maths Compound Interest

Question #3

The difference between simple interest and compound interest on a certain sum of money for 2 years at 10% per annum is Rs. 100. Find the sum.

A. Rs. 11000

B. Rs. 12000

C. Rs. 9000

D. Rs. 10000

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Correct Answer: Option D

Explanation:
Difference for 2 years = P * (R/100)^2 => 100 = P * (10/100)^2 => 100 = P * 0.01 => P = Rs. 10000.

This question belongs to: Maths Compound Interest

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