The compound interest on a certain sum of money for 2 years at 5% per annum is Rs. 246. What is the sum? MCQ with Answer and Explanation

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The compound interest on a certain sum of money for 2 years at 5% per annum is Rs. 246. What is the sum?

A. Rs. 2200

B. Rs. 2400

C. Rs. 2500

D. Rs. 2600

Answer: Option B

Solution (By JKSSB Mock Tests)

Effective compound interest rate for 2 years at 5% = 5 + 5 + (55)/100 = 10.25%. Given 10.25% of P = 246 => P = 246 / 0.1025 = Rs. 2400.

This question belongs to: Maths Compound Interest

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Question #1

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The compound interest on Rs. 5500 at 10% per annum for 2 years is:

A. Rs. 1265

B. Rs. 1320

C. Rs. 1155

D. Rs. 1210

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Correct Answer: Option C

Explanation:
A = 5500 × 1.21 = 6655, CI = 6655 − 5500 = Rs. 1155.

This question belongs to: Maths Compound Interest

Question #2

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A sum of money amounts to Rs. 10404 in 2 years at 2% compound interest. Find the sum.

A. Rs. 10100

B. Rs. 9800

C. Rs. 9900

D. Rs. 10000

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Correct Answer: Option D

Explanation:
P = 10404 / (1.02)² = 10404 / 1.0404 = 10000.

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Question #3

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The difference between CI and SI on Rs. 10000 for 2 years at 10% per annum is:

A. Rs. 100

B. Rs. 90

C. Rs. 110

D. Rs. 120

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Correct Answer: Option A

Explanation:
Difference = P × (R/100)² = 10000 × 0.01 = Rs. 100.

This question belongs to: Maths Compound Interest

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