In how many years will a sum of Rs. 2000 amount to Rs. 2662 at 10% per annum compound interest? MCQ with Answer and Explanation

In how many years will a sum of Rs. 2000 amount to Rs. 2662 at 10% per annum compound interest?

A. 5 years

B. 3 years

C. 4 years

D. 2 years

Answer: Option B

2000 × (1.1)^t = 2662 ⇒ (1.1)^t = 1.331 = (1.1)³ ⇒ t = 3.

This question belongs to: Maths Compound Interest

No comments yet. Be the first to start the discussion!

Question #1 Report Error

A machine depreciates at 5% per annum. Its present value is Rs. 5415. What was its value 2 years ago?

A. Rs. 5800

B. Rs. 6400

C. Rs. 6000

D. Rs. 6200

Correct Answer: Option C

Explanation:
Value 2 years ago = 5415 / (0.95)² = 5415 / 0.9025 = 6000.

This question belongs to: Maths Compound Interest

Question #2 Report Error

A sum of money at compound interest amounts to Rs. 12960 in 2 years and Rs. 15552 in 3 years. Find the sum.

A. Rs. 9000

B. Rs. 10000

C. Rs. 8000

D. Rs. 11000

Correct Answer: Option A

Explanation:
Rate = (15552/12960 − 1)×100 = 20%. P = 12960 / 1.44 = 9000.

This question belongs to: Maths Compound Interest

Question #3 Report Error

The simple interest on a sum for 3 years at 10% is Rs. 900. The compound interest on the same sum for 2 years at 10% is:

A. Rs. 660

B. Rs. 690

C. Rs. 600

D. Rs. 630

Correct Answer: Option D

Explanation:
P = 90000/(10×3) = 3000. CI = 3000 × 0.21 = 630.

This question belongs to: Maths Compound Interest