What sum will amount to Rs. 1331 in 3 years at 10% compound interest? MCQ with Answer and Explanation

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What sum will amount to Rs. 1331 in 3 years at 10% compound interest?

A. Rs. 1000

B. Rs. 900

C. Rs. 1200

D. Rs. 1100

Answer: Option A

Solution (By JKSSB Mock Tests)

P = 1331 / 1.331 = 1000.

This question belongs to: Maths Compound Interest

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Question #1

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What sum will amount to Rs. 13310 in 3 years at 10% per annum compound interest?

A. Rs. 10000

B. Rs. 9500

C. Rs. 10500

D. Rs. 9000

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Correct Answer: Option A

Explanation:
P = 13310 / (1.1)³ = 13310 / 1.331 = 10000.

This question belongs to: Maths Compound Interest

Question #2

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The compound interest on Rs. 20000 at 8% per annum for 1 year compounded half-yearly is:

A. Rs. 1664

B. Rs. 1600

C. Rs. 1632

D. Rs. 1680

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Correct Answer: Option C

Explanation:
Half-yearly rate 4%, n=2. A = 20000 × (1.04)² = 20000 × 1.0816 = 21632, CI = 21632 − 20000 = Rs. 1632.

This question belongs to: Maths Compound Interest

Question #3

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A sum of money becomes Rs. 24200 in 2 years and Rs. 26620 in 3 years at compound interest compounded annually. Find the sum.

A. Rs. 24000

B. Rs. 20000

C. Rs. 22000

D. Rs. 18000

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Correct Answer: Option B

Explanation:
Rate of interest = ((26620 - 24200) / 24200) * 100 = (2420 / 24200) * 100 = 10%. Principal P = 24200 / (1 + 10/100)^2 = 24200 / 1.21 = Rs. 20000.

This question belongs to: Maths Compound Interest

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