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

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

A. 9 years

B. 6 years

C. 4 years

D. 5 years

Answer: Option B

49 = 7², so 3 × 2 = 6 years.

This question belongs to: Maths Compound Interest

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Question #1 Report Error

The compound interest on a sum for 2 years at 11% is Rs. 464.20. The sum is:

A. Rs. 1800

B. Rs. 2100

C. Rs. 2000

D. Rs. 1900

Correct Answer: Option C

Explanation:
CI = P[(1.11)² − 1] = P × 0.2321 = 464.20 ⇒ P = 2000.

This question belongs to: Maths Compound Interest

Question #2 Report Error

The compound interest on a sum for 2 years at 8% per annum is Rs. 332.80. Find the sum.

A. Rs. 1900

B. Rs. 2100

C. Rs. 2200

D. Rs. 2000

Correct Answer: Option D

Explanation:
CI = P[(1.08)² − 1] = P × 0.1664 = 332.80 ⇒ P = 332.80 / 0.1664 = 2000.

This question belongs to: Maths Compound Interest

Question #3 Report Error

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

A. Rs. 3000

B. Rs. 2912

C. Rs. 2968

D. Rs. 2940

Correct Answer: Option B

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

This question belongs to: Maths Compound Interest