A sum of money amounts to Rs. 4840 in 2 years and Rs. 5324 in 3 years at compound interest. Find the rate. MCQ with Answer and Explanation

A sum of money amounts to Rs. 4840 in 2 years and Rs. 5324 in 3 years at compound interest. Find the rate.

A. 15%

B. 12%

C. 10%

D. 8%

Answer: Option C

Rate = (5324/4840 − 1) × 100 = (1.1 − 1) × 100 = 10%.

This question belongs to: Maths Compound Interest

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Question #1 Report Error

At what rate of compound interest will Rs. 2000 amount to Rs. 2205 in 2 years?

A. 7%

B. 4%

C. 6%

D. 5%

Correct Answer: Option D

Explanation:
2000(1+r)² = 2205 ⇒ (1+r)² = 1.1025 = (1.05)² ⇒ r = 5%.

This question belongs to: Maths Compound Interest

Question #2 Report Error

A sum of money at compound interest becomes 7 times in 3 years. In how many years will it become 49 times?

A. 5 years

B. 6 years

C. 4 years

D. 9 years

Correct Answer: Option B

Explanation:
49 = 7², so 3 × 2 = 6 years.

This question belongs to: Maths Compound Interest

Question #3 Report Error

The difference between CI and SI on Rs. 12000 for 2 years at 5% is:

A. Rs. 40

B. Rs. 35

C. Rs. 25

D. Rs. 30

Correct Answer: Option D

Explanation:
Difference = 12000 × (0.05)² = 12000 × 0.0025 = Rs. 30.

This question belongs to: Maths Compound Interest