In how many years will Rs. 1500 amount to Rs. 1815 at 10% per annum compound interest? MCQ with Answer and Explanation

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In how many years will Rs. 1500 amount to Rs. 1815 at 10% per annum compound interest?

A. 2.5 years

B. 1.5 years

C. 3 years

D. 2 years

Answer: Option D

Solution (By JKSSB Mock Tests)

1500(1.1)^t = 1815 ⇒ (1.1)^t = 1.21 ⇒ t = 2.

This question belongs to: Maths Compound Interest

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Question #1

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The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is Rs. 310. Find the sum.

A. Rs. 8000

B. Rs. 10000

C. Rs. 15000

D. Rs. 12000

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Correct Answer: Option B

Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 310 = P * (10/100)^2 * (3 + 10/100) => 310 = P * (1/100) * (3.1) => P = 310 / 0.031 = Rs. 10000.

This question belongs to: Maths Compound Interest

Question #2

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At what rate percent per annum will Rs. 12500 amount to Rs. 14580 in 2 years, compound interest compounded annually?

A. 10%

B. 12%

C. 8%

D. 6%

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Correct Answer: Option C

Explanation:
Amount/Principal = 14580 / 12500 = 1458 / 1250 = 729 / 625 = (27 / 25)^2 = (1.08)^2. Therefore, 1 + R/100 = 1.08 => R = 8%.

This question belongs to: Maths Compound Interest

Question #3

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The difference between simple interest and compound interest on a certain sum of money for 2 years at 10% per annum is Rs. 100. Find the sum.

A. Rs. 12000

B. Rs. 11000

C. Rs. 10000

D. Rs. 9000

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Correct Answer: Option C

Explanation:
Difference for 2 years = P * (R/100)^2 => 100 = P * (10/100)^2 => 100 = P * 0.01 => P = Rs. 10000.

This question belongs to: Maths Compound Interest

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