The simple interest on a sum at 5% for 3 years is Rs. 600. The compound interest on the same sum for 2 years at 5% is: MCQ with Answer and Explanation

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The simple interest on a sum at 5% for 3 years is Rs. 600. The compound interest on the same sum for 2 years at 5% is:

A. Rs. 405

B. Rs. 400

C. Rs. 410

D. Rs. 415

Answer: Option C

Solution (By JKSSB Mock Tests)

P = 60000/(5×3) = 4000. CI = 4000[(1.05)² − 1] = 4000 × 0.1025 = Rs. 410.

This question belongs to: Maths Compound Interest

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Question #1

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The difference between CI and SI on Rs. 8400 for 2 years at 5% is:

A. Rs. 19

B. Rs. 21

C. Rs. 18

D. Rs. 20

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Correct Answer: Option B

Explanation:
D = 8400 × 0.0025 = Rs. 21.

This question belongs to: Maths Compound Interest

Question #2

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

A. Rs. 4500

B. Rs. 5000

C. Rs. 6000

D. Rs. 5500

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Correct Answer: Option B

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

This question belongs to: Maths Compound Interest

Question #3

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In how many years will Rs. 1000 amount to Rs. 1157.625 at 5% per annum compound interest?

A. 2 years

B. 2.5 years

C. 3.5 years

D. 3 years

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Correct Answer: Option D

Explanation:
1000(1.05)^t = 1157.625 ⇒ (1.05)^t = 1.157625 = (1.05)³ ⇒ t = 3.

This question belongs to: Maths Compound Interest

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