In how many years will Rs. 1000 amount to Rs. 1157.625 at 5% per annum compound interest? MCQ with Answer and Explanation

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In how many years will Rs. 1000 amount to Rs. 1157.625 at 5% per annum compound interest?

A. 2.5 years

B. 2 years

C. 3.5 years

D. 3 years

Answer: Option D

Solution (By JKSSB Mock Tests)

1000(1.05)^t = 1157.625 ⇒ (1.05)^t = 1.157625 = (1.05)³ ⇒ t = 3.

This question belongs to: Maths Compound Interest

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Practice More Compound Interest Questions

Question #1

The compound interest on Rs. 5500 at 10% per annum for 2 years is:

A. Rs. 1210

B. Rs. 1265

C. Rs. 1155

D. Rs. 1320

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Correct Answer: Option C

Explanation:
A = 5500 × 1.21 = 6655, CI = 6655 − 5500 = Rs. 1155.

This question belongs to: Maths Compound Interest

Question #2

The difference between CI and SI on Rs. 4100 for 2 years at 5% is:

A. Rs. 10.25

B. Rs. 8.50

C. Rs. 11.00

D. Rs. 9.50

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Correct Answer: Option A

Explanation:
D = 4100 × 0.0025 = Rs. 10.25.

This question belongs to: Maths Compound Interest

Question #3

At what rate percent per annum will Rs. 20000 amount to Rs. 23328 in 2 years, compound interest compounded annually?

A. 12%

B. 8%

C. 10%

D. 6%

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Correct Answer: Option B

Explanation:
Amount/Principal = 23328 / 20000 = 11664 / 10000 = (108 / 100)^2. Therefore, 1 + R/100 = 1.08 => R = 8%.

This question belongs to: Maths Compound Interest

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