At what rate percent compound interest will Rs. 800 amount to Rs. 968 in 2 years? MCQ with Answer and Explanation

At what rate percent compound interest will Rs. 800 amount to Rs. 968 in 2 years?

A. 8%

B. 10%

C. 12%

D. 15%

Answer: Option B

800(1+r)² = 968 ⇒ (1+r)² = 1.21 ⇒ r = 10%.

This question belongs to: Maths Compound Interest

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Question #1 Report Error

The compound interest on a sum for 1 year at 10% per annum compounded half-yearly is Rs. 410. Find the sum.

A. Rs. 3800

B. Rs. 4000

C. Rs. 4200

D. Rs. 3600

Correct Answer: Option B

Explanation:
CI = P[(1.05)² − 1] = 0.1025P = 410 ⇒ P = 4000.

This question belongs to: Maths Compound Interest

Question #2 Report Error

The difference between simple interest and compound interest on a certain sum of money for 2 years at 8% per annum is Rs. 64. Find the sum.

A. Rs. 10000

B. Rs. 12000

C. Rs. 9000

D. Rs. 11000

Correct Answer: Option A

Explanation:
Difference for 2 years = P * (R/100)^2 => 64 = P * (8/100)^2 => 64 = P * (64 / 10000) => P = Rs. 10000.

This question belongs to: Maths Compound Interest

Question #3 Report Error

A sum of money invested at compound interest doubles itself in 12 years. In how many years will it become 4 times of itself?

A. 30 years

B. 24 years

C. 18 years

D. 36 years

Correct Answer: Option B

Explanation:
The sum doubles (2^1) in 12 years. It will become 4 (2^2) times in 2 * 12 = 24 years.

This question belongs to: Maths Compound Interest