The compound interest on a certain sum for 2 years at 10% per annum is Rs. 630. Find the principal sum. MCQ with Answer and Explanation

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The compound interest on a certain sum for 2 years at 10% per annum is Rs. 630. Find the principal sum.

A. Rs. 3000

B. Rs. 3200

C. Rs. 2800

D. Rs. 3400

Answer: Option A

Solution (By JKSSB Mock Tests)

Effective rate of compound interest for 2 years at 10% = 10 + 10 + (1010)/100 = 21%. Given 21% of P = 630 => P = 630 / 0.21 = Rs. 3000.

This question belongs to: Maths Compound Interest

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Question #1

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The compound interest on Rs. 5900 at 10% per annum for 2 years is:

A. Rs. 1239

B. Rs. 1357

C. Rs. 1180

D. Rs. 1298

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Correct Answer: Option A

Explanation:
A = 5900 × 1.21 = 7139, CI = 7139 − 5900 = Rs. 1239.

This question belongs to: Maths Compound Interest

Question #2

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At what rate percent compound interest will Rs. 20000 amount to Rs. 22050 in 2 years?

A. 7%

B. 5%

C. 4%

D. 6%

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Correct Answer: Option B

Explanation:
20000(1+r)² = 22050 ⇒ (1+r)² = 1.1025 = (1.05)² ⇒ r = 5%.

This question belongs to: Maths Compound Interest

Question #3

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A sum becomes Rs. 10816 in 2 years at 4% compound interest. Find the sum.

A. Rs. 11000

B. Rs. 10000

C. Rs. 9500

D. Rs. 10500

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Correct Answer: Option B

Explanation:
P = 10816 / (1.04)² = 10816 / 1.0816 = 10000.

This question belongs to: Maths Compound Interest

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