What is the compound interest on Rs. 8000 at 5% per annum for 2 years? MCQ with Answer and Explanation

Question

Share Report Error

What is the compound interest on Rs. 8000 at 5% per annum for 2 years?

A. Rs. 820

B. Rs. 840

C. Rs. 800

D. Rs. 860

Answer: Option A

Solution (By JKSSB Mock Tests)

A = 8000 × (1.05)² = 8000 × 1.1025 = 8820, CI = 8820 − 8000 = Rs. 820.

This question belongs to: Maths Compound Interest

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Compound Interest Questions

Question #1

The difference between CI and SI on a certain sum for 2 years at 6% is Rs. 36. The sum is:

A. Rs. 8000

B. Rs. 9000

C. Rs. 11000

D. Rs. 10000

View Answer & Solution Discuss

Get Complete Subject PDF for Maths

Correct Answer: Option D

Explanation:
D = P × (0.06)² = P × 0.0036 = 36 ⇒ P = 10000.

This question belongs to: Maths Compound Interest

Question #2

The compound interest on a sum for 2 years at 7% is Rs. 434.70. The sum is:

A. Rs. 3000

B. Rs. 3400

C. Rs. 3200

D. Rs. 2800

View Answer & Solution Discuss

Get Complete Subject PDF for Maths

Correct Answer: Option A

Explanation:
CI = P[(1.07)² − 1] = P × 0.1449 = 434.70 ⇒ P = 3000.

This question belongs to: Maths Compound Interest

Question #3

The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is Rs. 93. Find the sum.

A. Rs. 2500

B. Rs. 3500

C. Rs. 3000

D. Rs. 2000

View Answer & Solution Discuss

Get Complete Subject PDF for Maths

Correct Answer: Option C

Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100). Given 93 = P * (10/100)^2 * (3 + 10/100) => 93 = P * (1/100) * (3.1) => 93 = P * 0.031 => P = 93 / 0.031 = Rs. 3000.

This question belongs to: Maths Compound Interest

Explore All Compound Interest MCQs