In how many years will Rs. 1600 amount to Rs. 1764 at 5% per annum compound interest? MCQ with Answer and Explanation

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In how many years will Rs. 1600 amount to Rs. 1764 at 5% per annum compound interest?

A. 2 years

B. 2.5 years

C. 1 year

D. 1.5 years

Answer: Option A

Solution (By JKSSB Mock Tests)

1600(1.05)^t = 1764 ⇒ (1.05)^t = 1.1025 ⇒ t = 2.

This question belongs to: Maths Compound Interest

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Question #1

The compound interest on a sum for 2 years at 10% is Rs. 1260. The sum is:

A. Rs. 5500

B. Rs. 6500

C. Rs. 7000

D. Rs. 6000

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Correct Answer: Option D

Explanation:
CI = P × 0.21 = 1260 ⇒ P = 1260 / 0.21 = 6000.

This question belongs to: Maths Compound Interest

Question #2

The difference between CI and SI on Rs. 4800 for 2 years at 7.5% is:

A. Rs. 30

B. Rs. 27

C. Rs. 33

D. Rs. 24

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Correct Answer: Option B

Explanation:
7.5% = 3/40. D = 4800 × (3/40)² = 4800 × 9/1600 = 27.

This question belongs to: Maths Compound Interest

Question #3

Find the compound interest on Rs. 40000 for 1 year at 16% per annum, compounded quarterly.

A. Rs. 7100.00

B. Rs. 6900.00

C. Rs. 6794.34

D. Rs. 6400.00

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Correct Answer: Option C

Explanation:
Quarterly rate = 16 / 4 = 4%. Time = 4 quarters. Amount = 40000 * (1 + 4/100)^4 = 40000 * (1.04)^4 = 40000 * 1.16985856 = Rs. 46794.34. Compound Interest = 46794.34 - 40000 = Rs. 6794.34.

This question belongs to: Maths Compound Interest

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