The difference between CI and SI on a sum for 2 years at 8% is Rs. 64. The sum is: MCQ with Answer and Explanation

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The difference between CI and SI on a sum for 2 years at 8% is Rs. 64. The sum is:

A. Rs. 10000

B. Rs. 8000

C. Rs. 11000

D. Rs. 9000

Answer: Option A

Solution (By JKSSB Mock Tests)

D = P × 0.0064 = 64 ⇒ P = 10000.

This question belongs to: Maths Compound Interest

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Practice More Compound Interest Questions

Question #1

What is the compound interest on Rs. 8000 at 5% per annum for 2 years?

A. Rs. 800

B. Rs. 860

C. Rs. 840

D. Rs. 820

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Correct Answer: Option D

Explanation:
A = 8000 × (1.05)² = 8000 × 1.1025 = 8820, CI = 8820 − 8000 = Rs. 820.

This question belongs to: Maths Compound Interest

Question #2

The simple interest on a sum for 3 years at 12% is Rs. 432. The compound interest on the same sum for 2 years at 12% is:

A. Rs. 300

B. Rs. 305.28

C. Rs. 310

D. Rs. 303.36

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Correct Answer: Option B

Explanation:
P = 43200/(12×3) = 43200/36 = 1200. CI = 1200[(1.12)² − 1] = 1200 × 0.2544 = 305.28.

This question belongs to: Maths Compound Interest

Question #3

A sum of money at compound interest becomes 7 times in 3 years. In how many years will it become 343 times?

A. 7 years

B. 9 years

C. 8 years

D. 6 years

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Correct Answer: Option B

Explanation:
343 = 7³, so 3 × 3 = 9 years.

This question belongs to: Maths Compound Interest

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