The compound interest on a sum for 2 years at 6% is Rs. 370.80. The sum is: MCQ with Answer and Explanation

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The compound interest on a sum for 2 years at 6% is Rs. 370.80. The sum is:

A. Rs. 2800

B. Rs. 3400

C. Rs. 3200

D. Rs. 3000

Answer: Option D

Solution (By JKSSB Mock Tests)

CI = P × 0.1236 = 370.80 ⇒ P = 3000.

This question belongs to: Maths Compound Interest

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Question #1

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What is the compound interest on Rs. 40000 for 1 year at 8% per annum, compounded half-yearly?

A. Rs. 3200

B. Rs. 3264

C. Rs. 3400

D. Rs. 3300

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Correct Answer: Option B

Explanation:
Half-yearly rate = 8/2 = 4%. Time = 2 half-years. Amount = 40000 * (1 + 4/100)^2 = 40000 * 1.0816 = Rs. 43264. Compound Interest = 43264 - 40000 = Rs. 3264.

This question belongs to: Maths Compound Interest

Question #2

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In how many years will a sum of Rs. 800 become Rs. 926.10 at 5% compound interest?

A. 3 years

B. 3.5 years

C. 2.5 years

D. 2 years

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Correct Answer: Option A

Explanation:
800(1.05)^t = 926.10 ⇒ (1.05)^t = 1.157625 = (1.05)³ ⇒ t = 3.

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Question #3

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Find the compound interest on Rs. 40000 for 1 year at 12% per annum, compounded quarterly.

A. Rs. 5020.34

B. Rs. 5210.50

C. Rs. 4800.00

D. Rs. 5100.00

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Correct Answer: Option A

Explanation:
Quarterly rate = 12 / 4 = 3%. Time = 4 quarters. Amount = 40000 * (1 + 3/100)^4 = 40000 * (1.03)^4 = 40000 * 1.12550881 = Rs. 45020.35. Compound Interest = 45020.35 - 40000 = Rs. 5020.35. Correct option matches B layout metrics.

This question belongs to: Maths Compound Interest

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