In how many years will a sum of Rs. 5000 become Rs. 6655 at 10% per annum compound interest? MCQ with Answer and Explanation

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In how many years will a sum of Rs. 5000 become Rs. 6655 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)

5000 × (1.1)^n = 6655 ⇒ (1.1)^n = 1.331 = (1.1)³ ⇒ n = 3 years.

This question belongs to: Maths Compound Interest

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Question #1

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The compound interest on a certain sum for 2 years at 10% per annum is Rs. 630. Find the principal sum.

A. Rs. 3200

B. Rs. 3400

C. Rs. 2800

D. Rs. 3000

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Correct Answer: Option D

Explanation:
Effective rate of compound interest for 2 years at 10% = 10 + 10 + (1010)/100 = 21%. Given 21% of P = 630 => P = 630 / 0.21 = Rs. 3000.

This question belongs to: Maths Compound Interest

Question #2

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The effective annual rate for 9% per annum compounded half-yearly is:

A. 9.20%

B. 9.25%

C. 9.10%

D. 9.30%

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Correct Answer: Option A

Explanation:
Half-yearly rate 4.5%, (1.045)² = 1.092025, effective = 9.2025% ≈ 9.20%.

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Question #3

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In how many years will Rs. 3500 amount to Rs. 4235 at 10% per annum compound interest?

A. 1 year

B. 1.5 years

C. 2 years

D. 2.5 years

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Correct Answer: Option C

Explanation:
3500(1.1)^t = 4235 ⇒ (1.1)^t = 1.21 ⇒ t = 2.

This question belongs to: Maths Compound Interest

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