A sum of money amounts to Rs. 11025 in 2 years and Rs. 11576.25 in 3 years at compound interest. Find the sum. MCQ with Answer and Explanation

Question
A sum of money amounts to Rs. 11025 in 2 years and Rs. 11576.25 in 3 years at compound interest. Find the sum.
A. Rs. 9500
B. Rs. 10500
C. Rs. 10000
D. Rs. 9000
Answer: Option C
Solution (By JKExamLibrary)
Rate = (11576.25/11025 − 1) × 100 = 5%. P = 11025 / (1.05)² = 11025 / 1.1025 = 10000.
This question belongs to: Maths Compound Interest

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Practice More Compound Interest Questions

Question #1
A sum of money at compound interest becomes 11 times in 2 years. In how many years will it become 121 times?
A. 5 years
B. 6 years
C. 3 years
D. 4 years
Discuss

Correct Answer: Option D

Explanation:
121 = 11², so 2 × 2 = 4 years.
This question belongs to: Maths Compound Interest
Question #2
What is the effective annual rate of interest corresponding to a nominal rate of 6% per annum compounded half-yearly?
A. 6.09%
B. 6.06%
C. 6.15%
D. 6.12%
Discuss

Correct Answer: Option A

Explanation:
Effective rate = (1 + 0.03)² − 1 = 1.0609 − 1 = 0.0609 = 6.09%.
This question belongs to: Maths Compound Interest
Question #3
Find the compound interest on Rs. 5000 at 12% per annum for 1 year, compounded half-yearly.
A. Rs. 618
B. Rs. 636
C. Rs. 624
D. Rs. 600
Discuss

Correct Answer: Option A

Explanation:
For half-yearly compounding, New Rate = 12/2 = 6% per half-year, and Time = 2 half-years. Amount = 5000 * (1 + 6/100)^2 = 5000 * 1.1236 = Rs. 5618. Compound Interest = 5618 - 5000 = Rs. 618.
This question belongs to: Maths Compound Interest
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