The simple interest on a sum for 2 years at 8% is Rs. 320. The compound interest on the same sum for 2 years at 8% is: MCQ with Answer and Explanation

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The simple interest on a sum for 2 years at 8% is Rs. 320. The compound interest on the same sum for 2 years at 8% is:

A. Rs. 345.60

B. Rs. 358.40

C. Rs. 371.20

D. Rs. 332.80

Answer: Option D

Solution (By JKSSB Mock Tests)

P = 32000/(8×2) = 2000. CI = 2000 × 0.1664 = 332.80.

This question belongs to: Maths Compound Interest

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Question #1

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A sum of Rs. 12000 deposited at compound interest becomes double after 5 years. After 20 years, it will become:

A. Rs. 192000

B. Rs. 182000

C. Rs. 96000

D. Rs. 120000

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Correct Answer: Option A

Explanation:
In 20 years, there are 20 / 5 = 4 intervals of 5 years. Expansion factor = 2^4 = 16. Total amount = 12000 * 16 = Rs. 192000.

This question belongs to: Maths Compound Interest

Question #2

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Find the amount on Rs. 8000 at 10% per annum compound interest for 3 years.

A. Rs. 10800

B. Rs. 10648

C. Rs. 11200

D. Rs. 11000

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Correct Answer: Option B

Explanation:
A = 8000 × (1.1)³ = 8000 × 1.331 = 10648.

This question belongs to: Maths Compound Interest

Question #3

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In what time will Rs. 5000 amount to Rs. 6050 at 10% per annum compound interest?

A. 1 year

B. 2 years

C. 4 years

D. 3 years

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Correct Answer: Option B

Explanation:
5000(1.1)^t = 6050 ⇒ (1.1)^t = 1.21 = (1.1)² ⇒ t = 2.

This question belongs to: Maths Compound Interest

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