The simple interest on a sum for 2 years at 6% is Rs. 360. The compound interest for the same period and rate is: MCQ with Answer and Explanation

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The simple interest on a sum for 2 years at 6% is Rs. 360. The compound interest for the same period and rate is:

A. Rs. 370.80

B. Rs. 378.00

C. Rs. 375.00

D. Rs. 372.00

Answer: Option A

Solution (By JKSSB Mock Tests)

P = 36000/(6×2) = 3000. CI = 3000[(1.06)² − 1] = 3000 × 0.1236 = Rs. 370.80.

This question belongs to: Maths Compound Interest

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Question #1

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A sum amounts to Rs. 1331 in 3 years and Rs. 1464.10 in 4 years at compound interest. Find the sum.

A. Rs. 900

B. Rs. 800

C. Rs. 1000

D. Rs. 1100

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Correct Answer: Option C

Explanation:
Rate = (1464.10/1331 − 1) × 100 = 10%. P = 1331 / (1.1)³ = 1331 / 1.331 = 1000.

This question belongs to: Maths Compound Interest

Question #2

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A sum of money invested at compound interest doubles itself in 17 years. In how many years will it become 4 times of itself?

A. 42 years

B. 26 years

C. 34 years

D. 51 years

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Correct Answer: Option C

Explanation:
The sum doubles (2^1) in 17 years. It will become 4 (2^2) times in 2 * 17 = 34 years.

This question belongs to: Maths Compound Interest

Question #3

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What is the compound interest on Rs. 2000 for 2 years at 5% per annum compounded annually?

A. Rs. 205

B. Rs. 200

C. Rs. 210

D. Rs. 220

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Correct Answer: Option A

Explanation:
Amount = 2000 × (1.05)² = 2000 × 1.1025 = 2205, CI = 2205 − 2000 = Rs. 205.

This question belongs to: Maths Compound Interest

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