The simple interest on a sum for 2 years at 4% is Rs. 320. The compound interest on the same sum for 2 years at 4% is: MCQ with Answer and Explanation

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The simple interest on a sum for 2 years at 4% is Rs. 320. The compound interest on the same sum for 2 years at 4% is:

A. Rs. 332.80

B. Rs. 339.20

C. Rs. 345.60

D. Rs. 326.40

Answer: Option D

Solution (By JKSSB Mock Tests)

P = 32000/(4×2) = 4000. CI = 4000 × 0.0816 = 326.40.

This question belongs to: Maths Compound Interest

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Question #1

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In how many years will Rs. 6000 amount to Rs. 7260 at 10% per annum compound interest?

A. 2 years

B. 3 years

C. 2.5 years

D. 1.5 years

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Correct Answer: Option A

Explanation:
6000(1.1)^t = 7260 ⇒ (1.1)^t = 1.21 ⇒ t = 2.

This question belongs to: Maths Compound Interest

Question #2

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What is the compound interest on Rs. 80000 for 1 year at 10% per annum, compounded half-yearly?

A. Rs. 8600

B. Rs. 8200

C. Rs. 8400

D. Rs. 8000

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Correct Answer: Option B

Explanation:
Half-yearly rate = 10/2 = 5%. Time = 2 half-years. Amount = 80000 * (1 + 5/100)^2 = 80000 * 1.1225 = Rs. 88200. Compound Interest = 88200 - 80000 = Rs. 8200.

This question belongs to: Maths Compound Interest

Question #3

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At what rate percent compound interest will a sum of money become 9 times in 2 years?

A. 150%

B. 100%

C. 200%

D. 250%

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Correct Answer: Option C

Explanation:
(1 + r)² = 9 ⇒ 1 + r = 3 ⇒ r = 2 = 200%.

This question belongs to: Maths Compound Interest

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