A sum of money at compound interest amounts to Rs. 16105 in 2 years and Rs. 17715.50 in 3 years. Find the sum. MCQ with Answer and Explanation

A sum of money at compound interest amounts to Rs. 16105 in 2 years and Rs. 17715.50 in 3 years. Find the sum.

A. Rs. 12500

B. Rs. 13000

C. Rs. 12000

D. Rs. 13310

Answer: Option D

Rate = (17715.50/16105 − 1) × 100 = 10%. P = 16105 / 1.21 = 13310? 16105/1.21 = 13310 exactly. So answer D 13310.

This question belongs to: Maths Compound Interest

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Question #1 Report Error

Find the compound interest on Rs. 17500 at 8% per annum for 2 years.

A. Rs. 2968

B. Rs. 2912

C. Rs. 2940

D. Rs. 3000

Correct Answer: Option B

Explanation:
A = 17500 × 1.1664 = 20412, CI = 20412 − 17500 = Rs. 2912.

This question belongs to: Maths Compound Interest

Question #2 Report Error

A sum of money at compound interest doubles in 5 years. In how many years will it become 4 times?

A. 12 years

B. 10 years

C. 8 years

D. 15 years

Correct Answer: Option B

Explanation:
2²=4, so 5×2=10 years.

This question belongs to: Maths Compound Interest

Question #3 Report Error

The difference between simple interest and compound interest on a certain sum of money for 2 years at 4% per annum is Rs. 16. Find the sum.

A. Rs. 10000

B. Rs. 12000

C. Rs. 11000

D. Rs. 9000

Correct Answer: Option A

Explanation:
Difference for 2 years = P * (R/100)^2 => 16 = P * (4/100)^2 => 16 = P * (16 / 10000) => P = Rs. 10000.

This question belongs to: Maths Compound Interest