In what time will Rs. 1000 amount to Rs. 1331 at 10% per annum compound interest? MCQ with Answer and Explanation

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In what time will Rs. 1000 amount to Rs. 1331 at 10% per annum compound interest?

A. 3.5 years

B. 3 years

C. 2 years

D. 2.5 years

Answer: Option B

Solution (By JKSSB Mock Tests)

1000 × (1.1)^t = 1331 ⇒ (1.1)^t = 1.331 = (1.1)³ ⇒ t = 3 years.

This question belongs to: Maths Compound Interest

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Question #1

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The compound interest on a certain sum for 2 years at 10% per annum is Rs. 1260. Find the principal sum.

A. Rs. 6500

B. Rs. 6000

C. Rs. 5500

D. Rs. 7000

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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 = 1260 => P = 1260 / 0.21 = Rs. 6000.

This question belongs to: Maths Compound Interest

Question #2

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A sum of money becomes 1.44 times in 2 years at compound interest. The rate of interest is:

A. 18%

B. 22%

C. 20%

D. 24%

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Correct Answer: Option C

Explanation:
(1+r)² = 1.44 ⇒ 1+r = 1.2 ⇒ r = 20%.

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Question #3

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The compound interest on Rs. 3000 at 5% per annum for 3 years is:

A. Rs. 478.00

B. Rs. 475.00

C. Rs. 472.50

D. Rs. 472.875

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Correct Answer: Option D

Explanation:
A = 3000 × (1.05)³ = 3000 × 1.157625 = 3472.875, CI = 3472.875 − 3000 = Rs. 472.875.

This question belongs to: Maths Compound Interest

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