In how many years will a sum of Rs. 2000 amount to Rs. 2662 at 10% per annum compound interest? MCQ with Answer and Explanation

Question

Share Report Error

In how many years will a sum of Rs. 2000 amount to Rs. 2662 at 10% per annum compound interest?

A. 2 years

B. 3 years

C. 5 years

D. 4 years

Answer: Option B

Solution (By JKSSB Mock Tests)

2000 × (1.1)^t = 2662 ⇒ (1.1)^t = 1.331 = (1.1)³ ⇒ t = 3.

This question belongs to: Maths Compound Interest

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Compound Interest Questions

Question #1

Share Report

What is the compound interest on Rs. 10000 for 1 year at 8% per annum, compounded quarterly?

A. Rs. 800.00

B. Rs. 832.00

C. Rs. 841.60

D. Rs. 824.32

View Answer & Solution Discuss

Get Complete Subject PDF for Maths

Correct Answer: Option D

Explanation:
Quarterly rate = 8 / 4 = 2%. Time = 4 quarters. Amount = 10000 * (1 + 2/100)^4 = 10000 * (1.02)^4 = 10000 * 1.082432 = Rs. 10824.32. Compound Interest = 10824.32 - 10000 = Rs. 824.32.

This question belongs to: Maths Compound Interest

Question #2

Share Report

In how many years will Rs. 1200 amount to Rs. 1323 at 5% per annum compound interest?

A. 3 years

B. 1.5 years

C. 2.5 years

D. 2 years

View Answer & Solution Discuss

Get Complete Subject PDF for Maths

Correct Answer: Option D

Explanation:
1200(1.05)^t = 1323 ⇒ (1.05)^t = 1.1025 = (1.05)² ⇒ t = 2.

This question belongs to: Maths Compound Interest

Question #3

Share Report

The population of a city increases at the rate of 5% annually. If the present population is 185220, what was its population 3 years ago?

A. 170000

B. 160000

C. 150000

D. 180000

View Answer & Solution Discuss

Get Complete Subject PDF for Maths

Correct Answer: Option B

Explanation:
Population 3 years ago = 185220 / (1 + 5/100)^3 = 185220 / (21/20)^3 = 185220 * 8000 / 9261 = 20 * 8000 = 160000.

This question belongs to: Maths Compound Interest

Explore All Compound Interest MCQs