The simple interest on a sum for 2 years at 15% is Rs. 600. The compound interest on the same sum for 2 years at 15% is: MCQ with Answer and Explanation

Question

The simple interest on a sum for 2 years at 15% is Rs. 600. The compound interest on the same sum for 2 years at 15% is:

A. Rs. 675

B. Rs. 645

C. Rs. 690

D. Rs. 660

Answer: Option B

Solution (By JKSSB Mock Tests)

P = 60000/(15×2) = 2000. CI = 2000[(1.15)² − 1] = 2000 × 0.3225 = 645.

This question belongs to: Maths Compound Interest

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Question #1

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In how many years will Rs. 8000 amount to Rs. 8820 at 5% per annum compound interest?

A. 1 year

B. 2 years

C. 3 years

D. 4 years

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Correct Answer: Option B

Explanation:
8000(1.05)^t = 8820 ⇒ (1.05)^t = 1.1025 ⇒ t = 2.

This question belongs to: Maths Compound Interest

Question #2

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The simple interest on a sum for 2 years at 10% is Rs. 800. The compound interest on the same sum for 2 years at 10% is:

A. Rs. 820

B. Rs. 800

C. Rs. 860

D. Rs. 840

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Correct Answer: Option D

Explanation:
P = 80000/(10×2) = 4000. CI = 4000[(1.1)² − 1] = 4000 × 0.21 = Rs. 840.

This question belongs to: Maths Compound Interest

Question #3

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At what rate percent per annum will Rs. 12500 amount to Rs. 14580 in 2 years, compound interest compounded annually?

A. 12%

B. 8%

C. 10%

D. 6%

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Correct Answer: Option B

Explanation:
Amount/Principal = 14580 / 12500 = 1458 / 1250 = 729 / 625 = (27 / 25)^2 = (1.08)^2. Therefore, 1 + R/100 = 1.08 => R = 8%.

This question belongs to: Maths Compound Interest

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