What sum will amount to Rs. 14520 in 2 years at 10% compound interest? MCQ with Answer and Explanation

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What sum will amount to Rs. 14520 in 2 years at 10% compound interest?

A. Rs. 12500

B. Rs. 11500

C. Rs. 12000

D. Rs. 11000

Answer: Option C

Solution (By JKSSB Mock Tests)

P = 14520 / 1.21 = 12000.

This question belongs to: Maths Compound Interest

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Question #1

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The compound interest on a certain sum of money for 2 years at 5% per annum is Rs. 246. What is the sum?

A. Rs. 2600

B. Rs. 2200

C. Rs. 2500

D. Rs. 2400

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Correct Answer: Option D

Explanation:
Effective compound interest rate for 2 years at 5% = 5 + 5 + (55)/100 = 10.25%. Given 10.25% of P = 246 => P = 246 / 0.1025 = Rs. 2400.

This question belongs to: Maths Compound Interest

Question #2

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A sum of money invested at compound interest doubles itself in 6 years. In how many years will it become 4 times of itself?

A. 9 years

B. 18 years

C. 12 years

D. 15 years

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Correct Answer: Option C

Explanation:
The sum doubles (2^1) in 6 years. It will become 4 (2^2) times in 2 * 6 = 12 years.

This question belongs to: Maths Compound Interest

Question #3

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A sum of money becomes 4 times in 2 years at compound interest. The rate of interest per annum is:

A. 75%

B. 50%

C. 200%

D. 100%

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Correct Answer: Option D

Explanation:
P(1 + r)² = 4P ⇒ (1+r)² = 4 ⇒ 1+r = 2 ⇒ r = 1 = 100%.

This question belongs to: Maths Compound Interest

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