A sum of money doubles itself in 6 years at compound interest compounded annually. In how many years will it become 16 times of itself? MCQ with Answer and Explanation

A sum of money doubles itself in 6 years at compound interest compounded annually. In how many years will it become 16 times of itself?

A. 36 years

B. 24 years

C. 18 years

D. 30 years

Answer: Option B

The sum becomes 2^1 times in 6 years. It will become 16 (2^4) times in 4 * 6 = 24 years.

This question belongs to: Maths Compound Interest

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Question #1 Report Error

The compound interest on Rs. 3700 at 10% per annum for 2 years is:

A. Rs. 777

B. Rs. 814

C. Rs. 851

D. Rs. 740

Correct Answer: Option A

Explanation:
A = 3700 × 1.21 = 4477, CI = 4477 − 3700 = Rs. 777.

This question belongs to: Maths Compound Interest

Question #2 Report Error

Find the compound interest on Rs. 1500 at 10% per annum for 2 years.

A. Rs. 300

B. Rs. 315

C. Rs. 330

D. Rs. 310

Correct Answer: Option B

Explanation:
A = 1500 × (1.1)² = 1500 × 1.21 = 1815, CI = 1815 − 1500 = Rs. 315.

This question belongs to: Maths Compound Interest

Question #3 Report Error

In how many years will Rs. 3500 amount to Rs. 4235 at 10% per annum compound interest?

A. 1 year

B. 2.5 years

C. 1.5 years

D. 2 years

Correct Answer: Option D

Explanation:
3500(1.1)^t = 4235 ⇒ (1.1)^t = 1.21 ⇒ t = 2.

This question belongs to: Maths Compound Interest