What sum will amount to Rs. 13310 in 3 years at 10% per annum compound interest? MCQ with Answer and Explanation

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

A. Rs. 10500

B. Rs. 9000

C. Rs. 10000

D. Rs. 9500

Answer: Option C

Solution (By JKSSB Mock Tests)

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

This question belongs to: Maths Compound Interest

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Practice More Compound Interest Questions

Question #1

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

A. Rs. 11200

B. Rs. 10648

C. Rs. 10800

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 #2

The compound interest on a sum for 2 years at 10% compounded half-yearly is Rs. 215.50. The sum is:

A. Rs. 1000

B. Rs. 900

C. Rs. 1050

D. Rs. 950

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Correct Answer: Option A

Explanation:
Half-yearly rate 5%, n=4. CI = P[(1.05)⁴ − 1] = P × 0.21550625 = 215.50 ⇒ P = 215.50 / 0.21550625 = 1000.

This question belongs to: Maths Compound Interest

Question #3

The compound interest on a sum for 2 years at 6% is Rs. 370.80. The sum is:

A. Rs. 3200

B. Rs. 3000

C. Rs. 3400

D. Rs. 2800

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Correct Answer: Option B

Explanation:
CI = P × 0.1236 = 370.80 ⇒ P = 3000.

This question belongs to: Maths Compound Interest

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