In how many years will Rs. 5000 amount to Rs. 6655 at 10% compound interest? MCQ with Answer and Explanation

In how many years will Rs. 5000 amount to Rs. 6655 at 10% compound interest?

A. 3 years

B. 2.5 years

C. 3.5 years

D. 2 years

Answer: Option A

5000(1.1)^t = 6655 ⇒ (1.1)^t = 1.331 = (1.1)³ ⇒ t = 3.

This question belongs to: Maths Compound Interest

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Question #1 Report Error

If the compound interest on a sum for 2 years at 10% is Rs. 840, the simple interest on the same sum for 2 years at the same rate is:

A. Rs. 800

B. Rs. 820

C. Rs. 760

D. Rs. 780

Correct Answer: Option A

Explanation:
CI = P[(1.1)² − 1] = 0.21P = 840 ⇒ P = 4000. SI = 4000 × 10 × 2 / 100 = 800.

This question belongs to: Maths Compound Interest

Question #2 Report Error

What sum will amount to Rs. 7986 in 3 years at 10% compound interest?

A. Rs. 5500

B. Rs. 6200

C. Rs. 5800

D. Rs. 6000

Correct Answer: Option D

Explanation:
P = 7986 / 1.331 = 6000.

This question belongs to: Maths Compound Interest

Question #3 Report Error

The simple interest on a sum for 2 years at 6% is Rs. 360. The compound interest for the same period and rate is:

A. Rs. 370.80

B. Rs. 375.00

C. Rs. 378.00

D. Rs. 372.00

Correct Answer: Option A

Explanation:
P = 36000/(6×2) = 3000. CI = 3000[(1.06)² − 1] = 3000 × 0.1236 = Rs. 370.80.

This question belongs to: Maths Compound Interest