What sum of money will amount to Rs. 5290 in 2 years at 15% per annum compound interest compounded annually? MCQ with Answer and Explanation

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What sum of money will amount to Rs. 5290 in 2 years at 15% per annum compound interest compounded annually?

A. Rs. 4400

B. Rs. 3800

C. Rs. 4200

D. Rs. 4000

Answer: Option D

Solution (By JKSSB Mock Tests)

Amount = P * (1 + 15/100)^2 => 5290 = P * (1.15)^2 => 5290 = P * 1.3225 => P = 5290 / 1.3225 = Rs. 4000.

This question belongs to: Maths Compound Interest

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Question #1

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Find the compound interest on Rs. 50000 for 1 year at 8% per annum, compounded quarterly.

A. Rs. 4121.61

B. Rs. 4200.00

C. Rs. 4000.00

D. Rs. 4310.20

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Correct Answer: Option A

Explanation:
Quarterly rate = 8 / 4 = 2%. Time = 4 quarters. Amount = 50000 * (1 + 2/100)^4 = 50000 * (1.02)^4 = 50000 * 1.08243216 = Rs. 54121.61. Compound Interest = 54121.61 - 50000 = Rs. 4121.61.

This question belongs to: Maths Compound Interest

Question #2

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At what rate percent per annum will Rs. 5000 amount to Rs. 5832 in 2 years, compound interest compounded annually?

A. 8%

B. 12%

C. 6%

D. 10%

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Correct Answer: Option A

Explanation:
Amount/Principal = 5832 / 5000 = 11664 / 10000. Taking square root: sqrt(11664/10000) = 108 / 100 = 1.08. Thus, 1 + R/100 = 1.08 => R = 8%.

This question belongs to: Maths Compound Interest