The compound interest on Rs. 6000 for 2 years at 5% per annum is: MCQ with Answer and Explanation

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The compound interest on Rs. 6000 for 2 years at 5% per annum is:

A. Rs. 615

B. Rs. 630

C. Rs. 610

D. Rs. 600

Answer: Option A

Solution (By JKSSB Mock Tests)

A = 6000 × (1.05)² = 6000 × 1.1025 = 6615, CI = 6615 − 6000 = Rs. 615.

This question belongs to: Maths Compound Interest

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Question #1

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The difference between simple interest and compound interest on a certain sum of money for 2 years at 6% per annum is Rs. 144. Find the sum.

A. Rs. 36000

B. Rs. 40000

C. Rs. 44000

D. Rs. 48000

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Correct Answer: Option B

Explanation:
Difference for 2 years = P * (R/100)^2 => 144 = P * (6/100)^2 => 144 = P * (36 / 10000) => P = (144 * 10000) / 36 = Rs. 40000.

This question belongs to: Maths Compound Interest

Question #2

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The simple interest on a sum for 2 years at 5% is Rs. 500. The compound interest on the same sum for 2 years at 5% is:

A. Rs. 510

B. Rs. 525

C. Rs. 500

D. Rs. 512.50

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Correct Answer: Option D

Explanation:
P = 50000/(5×2) = 5000. CI = 5000[(1.05)² − 1] = 5000 × 0.1025 = Rs. 512.50.

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Question #3

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In how many years will a sum of Rs. 1600 amount to Rs. 1852.20 at 5% compound interest?

A. 2.5 years

B. 3.5 years

C. 3 years

D. 2 years

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Correct Answer: Option C

Explanation:
1600(1.05)^t = 1852.20 ⇒ (1.05)^t = 1.157625 = (1.05)³ ⇒ t = 3.

This question belongs to: Maths Compound Interest

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