The compound interest on Rs. 1000 for 3 years at 10% per annum is: MCQ with Answer and Explanation

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The compound interest on Rs. 1000 for 3 years at 10% per annum is:

A. Rs. 320

B. Rs. 331

C. Rs. 310

D. Rs. 340

Answer: Option B

Solution (By JKSSB Mock Tests)

A = 1000 × (1.1)³ = 1000 × 1.331 = 1331, CI = 1331 − 1000 = Rs. 331.

This question belongs to: Maths Compound Interest

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Question #1

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At what rate percent per annum will Rs. 40000 amount to Rs. 48400 in 2 years, compound interest compounded annually?

A. 8%

B. 12%

C. 14%

D. 10%

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Correct Answer: Option D

Explanation:
Amount/Principal = 48400 / 40000 = 121 / 100 = (11 / 10)^2. Therefore, 1 + R/100 = 11/10 => R/100 = 1/10 => R = 10%.

This question belongs to: Maths Compound Interest

Question #2

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

A. 2.5 years

B. 3.5 years

C. 2 years

D. 3 years

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Correct Answer: Option D

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

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Question #3

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A sum of money invested at compound interest doubles itself in 13 years. In how many years will it become 4 times of itself?

A. 26 years

B. 19 years

C. 39 years

D. 32 years

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Correct Answer: Option A

Explanation:
The sum doubles (2^1) in 13 years. It will become 4 (2^2) times in 2 * 13 = 26 years.

This question belongs to: Maths Compound Interest

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