In what time will Rs. 1000 amount to Rs. 1331 at 10% per annum compound interest? MCQ with Answer and Explanation

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In what time will Rs. 1000 amount to Rs. 1331 at 10% per annum compound interest?

A. 2 years

B. 3.5 years

C. 3 years

D. 2.5 years

Answer: Option C

Solution (By JKExamLibrary)

1000 × (1.1)^t = 1331 ⇒ (1.1)^t = 1.331 = (1.1)³ ⇒ t = 3 years.

This question belongs to: Maths Compound Interest

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Practice More Compound Interest Questions

Question #1 Report Error

The compound interest on Rs. 8300 at 10% per annum for 2 years is:

A. Rs. 1743

B. Rs. 1909

C. Rs. 1826

D. Rs. 1660

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Correct Answer: Option A

Explanation:
A = 8300 × 1.21 = 10043, CI = 10043 − 8300 = Rs. 1743.

This question belongs to: Maths Compound Interest

Question #2 Report Error

The effective rate of interest for 10% per annum compounded half-yearly is:

A. 10.25%

B. 10.75%

C. 10.10%

D. 10.50%

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Correct Answer: Option A

Explanation:
Effective rate = (1.05)² − 1 = 1.1025 − 1 = 0.1025 = 10.25%.

This question belongs to: Maths Compound Interest

Question #3 Report Error

Find the compound interest on Rs. 10000 at 10% per annum for 1 year compounded half-yearly.

A. Rs. 1050

B. Rs. 1025

C. Rs. 1000

D. Rs. 1100

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Correct Answer: Option B

Explanation:
Half-yearly rate = 5%, n = 2. A = 10000 × (1.05)² = 10000 × 1.1025 = 11025, CI = 11025 − 10000 = Rs. 1025.

This question belongs to: Maths Compound Interest

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