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. 600

B. Rs. 574

C. Rs. 560

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

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A sum amounts to Rs. 2420 in 2 years and Rs. 2662 in 3 years at compound interest. Find the sum.

A. Rs. 2100

B. Rs. 2000

C. Rs. 1900

D. Rs. 1800

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Correct Answer: Option B

Explanation:
Rate = (2662/2420 − 1) × 100 = 10%. P = 2420 / (1.1)² = 2420 / 1.21 = 2000.

This question belongs to: Maths Compound Interest

Question #2

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A sum of money invested at compound interest doubles itself in 12 years. In how many years will it become 4 times of itself?

A. 30 years

B. 24 years

C. 18 years

D. 36 years

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Correct Answer: Option B

Explanation:
The sum doubles (2^1) in 12 years. It will become 4 (2^2) times in 2 * 12 = 24 years.

This question belongs to: Maths Compound Interest

Question #3

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The difference between simple interest and compound interest on a certain sum of money for 2 years at 9% per annum is Rs. 81. Find the sum.

A. Rs. 9000

B. Rs. 10000

C. Rs. 11000

D. Rs. 12000

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Correct Answer: Option B

Explanation:
Difference for 2 years = P * (R/100)^2 => 81 = P * (9/100)^2 => 81 = P * (81 / 10000) => P = Rs. 10000.

This question belongs to: Maths Compound Interest

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