In how many years will Rs. 6000 amount to Rs. 7260 at 10% per annum compound interest? MCQ with Answer and Explanation

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In how many years will Rs. 6000 amount to Rs. 7260 at 10% per annum compound interest?

A. 3 years

B. 2.5 years

C. 2 years

D. 1.5 years

Answer: Option C

Solution (By JKSSB Mock Tests)

6000(1.1)^t = 7260 ⇒ (1.1)^t = 1.21 ⇒ 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 Rs. 8820 in 2 years and Rs. 9261 in 3 years. Find the rate.

A. 4%

B. 5%

C. 3%

D. 6%

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Correct Answer: Option B

Explanation:
Rate = (9261/8820 − 1) × 100 = (1.05 − 1)×100 = 5%.

This question belongs to: Maths Compound Interest

Question #2

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The difference between simple interest and compound interest on a certain sum of money for 2 years at 8% per annum is Rs. 64. Find the sum.

A. Rs. 12000

B. Rs. 10000

C. Rs. 11000

D. Rs. 9000

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Correct Answer: Option B

Explanation:
Difference for 2 years = P * (R/100)^2 => 64 = P * (8/100)^2 => 64 = P * (64 / 10000) => P = Rs. 10000.

This question belongs to: Maths Compound Interest

Question #3

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The compound interest on a certain sum for 2 years at 10% per annum is Rs. 441. Find the principal sum.

A. Rs. 2000

B. Rs. 2100

C. Rs. 2300

D. Rs. 2200

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Correct Answer: Option B

Explanation:
Effective rate of compound interest for 2 years at 10% = 10 + 10 + (1010)/100 = 21%. Given 21% of P = 441 => P = 441 / 0.21 = Rs. 2100.

This question belongs to: Maths Compound Interest

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