In how many years will Rs. 800 amount to Rs. 968 at 10% per annum compound interest? MCQ with Answer and Explanation

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In how many years will Rs. 800 amount to Rs. 968 at 10% per annum compound interest?

A. 2 years

B. 1.5 years

C. 2.5 years

D. 3 years

Answer: Option A

Solution (By JKSSB Mock Tests)

800(1.1)^t = 968 ⇒ (1.1)^t = 1.21 = (1.1)² ⇒ t = 2.

This question belongs to: Maths Compound Interest

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Practice More Compound Interest Questions

Question #1

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

A. Rs. 8.50

B. Rs. 11.00

C. Rs. 10.25

D. Rs. 9.50

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Correct Answer: Option C

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

This question belongs to: Maths Compound Interest

Question #2

The simple interest on a sum for 2 years at 10% is Rs. 800. The compound interest on the same sum for 2 years at 10% is:

A. Rs. 800

B. Rs. 820

C. Rs. 840

D. Rs. 860

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Correct Answer: Option C

Explanation:
P = 80000/(10×2) = 4000. CI = 4000[(1.1)² − 1] = 4000 × 0.21 = Rs. 840.

This question belongs to: Maths Compound Interest

Question #3

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

A. 2.5 years

B. 1.5 years

C. 3 years

D. 2 years

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Correct Answer: Option D

Explanation:
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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