The simple interest on a sum for 2 years at 9% is Rs. 540. The compound interest on the same sum for 2 years at 9% is: MCQ with Answer and Explanation

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The simple interest on a sum for 2 years at 9% is Rs. 540. The compound interest on the same sum for 2 years at 9% is:

A. Rs. 564.30

B. Rs. 567.00

C. Rs. 570.00

D. Rs. 561.60

Answer: Option A

Solution (By JKSSB Mock Tests)

P = 54000/(9×2) = 3000. CI = 3000[(1.09)² − 1] = 3000 × 0.1881 = 564.30.

This question belongs to: Maths Compound Interest

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Question #1

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At what rate percent per annum will a sum of Rs. 1000 amount to Rs. 1331 in 3 years at compound interest?

A. 12%

B. 9%

C. 11%

D. 10%

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Correct Answer: Option D

Explanation:
1000 × (1 + R/100)³ = 1331 ⇒ (1 + R/100)³ = 1.331 = (1.1)³ ⇒ R/100 = 0.1 ⇒ R = 10%.

This question belongs to: Maths Compound Interest

Question #2

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A sum becomes Rs. 10816 in 2 years at 4% compound interest. Find the sum.

A. Rs. 11000

B. Rs. 10500

C. Rs. 9500

D. Rs. 10000

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Correct Answer: Option D

Explanation:
P = 10816 / (1.04)² = 10816 / 1.0816 = 10000.

This question belongs to: Maths Compound Interest

Question #3

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At what rate percent per annum will Rs. 8000 amount to Rs. 8820 in 2 years, compound interest compounded annually?

A. 5%

B. 8%

C. 6%

D. 4%

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Correct Answer: Option A

Explanation:
Amount/Principal = 8820 / 8000 = 882 / 800 = 441 / 400 = (21 / 20)^2. Therefore, 1 + R/100 = 21/20 => R/100 = 1/20 => R = 5%.

This question belongs to: Maths Compound Interest

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