Find the compound interest on Rs. 8500 at 8% per annum for 2 years. MCQ with Answer and Explanation

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Find the compound interest on Rs. 8500 at 8% per annum for 2 years.

A. Rs. 1420

B. Rs. 1414.40

C. Rs. 1430

D. Rs. 1440

Answer: Option B

Solution (By JKSSB Mock Tests)

A = 8500 × (1.08)² = 8500 × 1.1664 = 9914.40, CI = 9914.40 − 8500 = Rs. 1414.40.

This question belongs to: Maths Compound Interest

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Question #1

What is the compound interest on Rs. 30000 for 1 year at 16% per annum, compounded half-yearly?

A. Rs. 4800

B. Rs. 4992

C. Rs. 5100

D. Rs. 5200

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Correct Answer: Option B

Explanation:
Half-yearly rate = 16/2 = 8%. Time = 2 half-years. Amount = 30000 * (1 + 8/100)^2 = 30000 * 1.1664 = Rs. 34992. Compound Interest = 34992 - 30000 = Rs. 4992.

This question belongs to: Maths Compound Interest

Question #2

If Rs. 5000 becomes Rs. 5832 in 2 years at compound interest, the rate is:

A. 6%

B. 9%

C. 7%

D. 8%

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Correct Answer: Option D

Explanation:
5000(1+r)² = 5832 ⇒ (1+r)² = 1.1664 = (1.08)² ⇒ r = 8%.

This question belongs to: Maths Compound Interest

Question #3

A sum becomes Rs. 2315.25 in 2 years at 5% compound interest. Find the sum.

A. Rs. 2200

B. Rs. 2100

C. Rs. 2000

D. Rs. 2300

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Correct Answer: Option B

Explanation:
P = 2315.25 / (1.05)² = 2315.25 / 1.1025 = 2100.

This question belongs to: Maths Compound Interest

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