In how many years will Rs. 5000 become Rs. 5618 at 6% compound interest? MCQ with Answer and Explanation

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In how many years will Rs. 5000 become Rs. 5618 at 6% compound interest?

A. 2 years

B. 1.5 years

C. 2.5 years

D. 3 years

Answer: Option A

Solution (By JKSSB Mock Tests)

5000(1.06)^t = 5618 ⇒ (1.06)^t = 1.1236 = (1.06)² ⇒ t = 2.

This question belongs to: Maths Compound Interest

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Question #1

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A sum of money at compound interest becomes 2.25 times in 2 years. In how many years will it become 5.0625 times?

A. 5 years

B. 3 years

C. 6 years

D. 4 years

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Correct Answer: Option D

Explanation:
2.25 = (1.5)², so rate 50%. 5.0625 = 2.25², so 4 years. Or 2.25 times in 2 years, 5.0625 = (2.25)², so time 2×2=4.

This question belongs to: Maths Compound Interest

Question #2

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A man invested Rs. 15000 at compound interest for 2 years at 4% per annum. Find the amount.

A. Rs. 16400

B. Rs. 16224

C. Rs. 16240

D. Rs. 16300

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Correct Answer: Option B

Explanation:
A = 15000 × (1.04)² = 15000 × 1.0816 = 16224.

This question belongs to: Maths Compound Interest

Question #3

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In how many years will Rs. 2000 amount to Rs. 2420 at 10% per annum compound interest, compounded annually?

A. 2 years

B. 1 year

C. 3 years

D. 1.5 years

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Correct Answer: Option A

Explanation:
Amount/Principal = 2420 / 2000 = 121 / 100 = (11 / 10)^2. Since the annual rate is 10%, expansion factor is 11/10. Therefore, time = 2 years.

This question belongs to: Maths Compound Interest

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