If the simple interest on a sum for 3 years at 10% is Rs. 600, the compound interest on the same sum for 2 years at the same rate is: MCQ with Answer and Explanation

Question

If the simple interest on a sum for 3 years at 10% is Rs. 600, the compound interest on the same sum for 2 years at the same rate is:

A. Rs. 420

B. Rs. 440

C. Rs. 400

D. Rs. 410

Answer: Option A

Solution (By JKSSB Mock Tests)

SI = P × 10 × 3 / 100 = 0.3P = 600 ⇒ P = 2000. CI for 2 years = 2000[(1.1)² − 1] = 2000 × 0.21 = Rs. 420.

This question belongs to: Maths Compound Interest

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Question #1

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A sum of money at compound interest amounts to Rs. 18150 in 2 years and Rs. 19965 in 3 years. Find the sum.

A. Rs. 15000

B. Rs. 17000

C. Rs. 14000

D. Rs. 16000

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Correct Answer: Option A

Explanation:
Rate = (19965/18150 − 1) × 100 = 10%. P = 18150 / 1.21 = 15000.

This question belongs to: Maths Compound Interest

Question #2

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At what rate percent compound interest will Rs. 2400 amount to Rs. 2646 in 2 years?

A. 5%

B. 4%

C. 6%

D. 7%

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Correct Answer: Option A

Explanation:
2400(1+r)² = 2646 ⇒ (1+r)² = 1.1025 ⇒ r = 5%.

This question belongs to: Maths Compound Interest

Question #3

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A sum of money at compound interest becomes 8 times in 3 years. The rate of interest is:

A. 50%

B. 120%

C. 80%

D. 100%

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Correct Answer: Option D

Explanation:
(1+r)³ = 8 ⇒ 1+r = 2 ⇒ r = 100%.

This question belongs to: Maths Compound Interest

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