Find the compound interest on Rs. 7200 at 5% per annum for 2 years. MCQ with Answer and Explanation

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Find the compound interest on Rs. 7200 at 5% per annum for 2 years.

A. Rs. 742

B. Rs. 744

C. Rs. 740

D. Rs. 738

Answer: Option D

Solution (By JKSSB Mock Tests)

A = 7200 × (1.05)² = 7200 × 1.1025 = 7938, CI = 7938 − 7200 = Rs. 738.

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. 370.80

C. Rs. 374.40

D. Rs. 376.00

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Correct Answer: Option B

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 7% is Rs. 434.70. The sum is:

A. Rs. 3400

B. Rs. 3000

C. Rs. 3200

D. Rs. 2800

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Correct Answer: Option B

Explanation:
CI = P[(1.07)² − 1] = P × 0.1449 = 434.70 ⇒ P = 3000.

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Question #3

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A sum of money placed at compound interest becomes double of itself in 3 years. In how many years will it become 8 times of itself?

A. 6 years

B. 12 years

C. 9 years

D. 15 years

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Correct Answer: Option C

Explanation:
The sum becomes 2^1 times in 3 years. It will become 8 (2^3) times in 3 * 3 = 9 years.

This question belongs to: Maths Compound Interest

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