A sum of money placed at compound interest becomes double of itself in 5 years. In how many years will it become 128 times of itself? MCQ with Answer and Explanation

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A sum of money placed at compound interest becomes double of itself in 5 years. In how many years will it become 128 times of itself?

A. 35 years

B. 40 years

C. 45 years

D. 30 years

Answer: Option A

Solution (By JKExamLibrary)

The sum becomes 2^1 times in 5 years. It will become 128 (2^7) times in 7 * 5 = 35 years.

This question belongs to: Maths Compound Interest

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Practice More Compound Interest Questions

Question #1 Report Error

Find the amount on Rs. 12500 at 8% per annum compound interest for 2 years.

A. Rs. 14580

B. Rs. 14620

C. Rs. 14640

D. Rs. 14600

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Correct Answer: Option A

Explanation:
A = 12500 × (1.08)² = 12500 × 1.1664 = 14580.

This question belongs to: Maths Compound Interest

Question #2 Report Error

The compound interest on Rs. 2900 at 10% per annum for 2 years is:

A. Rs. 580

B. Rs. 609

C. Rs. 667

D. Rs. 638

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Correct Answer: Option B

Explanation:
A = 2900 × 1.21 = 3509, CI = 3509 − 2900 = Rs. 609.

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 3 years at 10% per annum is Rs. 620. Find the sum.

A. Rs. 22000

B. Rs. 20000

C. Rs. 18000

D. Rs. 24000

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Correct Answer: Option B

Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 620 = P * (10/100)^2 * (3 + 10/100) => 620 = P * (1/100) * (3.1) => 620 = P * 0.031 => P = 620 / 0.031 = Rs. 20000.

This question belongs to: Maths Compound Interest

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