The compound interest on a sum for 3 years at 10% is Rs. 993. The sum is: MCQ with Answer and Explanation

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The compound interest on a sum for 3 years at 10% is Rs. 993. The sum is:

A. Rs. 3600

B. Rs. 2700

C. Rs. 3000

D. Rs. 3300

Answer: Option C

Solution (By JKSSB Mock Tests)

CI = P[(1.1)³ − 1] = P × 0.331 = 993 ⇒ P = 993 / 0.331 = 3000.

This question belongs to: Maths Compound Interest

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Question #1

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A sum amounts to Rs. 1331 in 3 years and Rs. 1464.10 in 4 years at compound interest. Find the sum.

A. Rs. 800

B. Rs. 1100

C. Rs. 900

D. Rs. 1000

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Correct Answer: Option D

Explanation:
Rate = (1464.10/1331 − 1) × 100 = 10%. P = 1331 / (1.1)³ = 1331 / 1.331 = 1000.

This question belongs to: Maths Compound Interest

Question #2

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A sum of money at compound interest becomes 4 times in 3 years. In how many years will it become 16 times?

A. 5 years

B. 6 years

C. 4 years

D. 9 years

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Correct Answer: Option B

Explanation:
4² = 16, so 3 × 2 = 6 years.

This question belongs to: Maths Compound Interest

Question #3

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What is the principal if the compound interest on it for 2 years at 10% is Rs. 1050?

A. Rs. 6000

B. Rs. 5500

C. Rs. 4500

D. Rs. 5000

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Correct Answer: Option D

Explanation:
CI = P × 0.21 = 1050 ⇒ P = 1050 / 0.21 = 5000.

This question belongs to: Maths Compound Interest

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