The compound interest on a sum for 3 years at 10% is Rs. 993. The sum is: MCQ with Answer and Explanation

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The compound interest on a sum for 3 years at 10% is Rs. 993. The sum is:

A. Rs. 2700

B. Rs. 3000

C. Rs. 3300

D. Rs. 3600

Answer: Option B

Solution (By JKExamLibrary)

CI = P[(1.1)³ − 1] = P × 0.331 = 993 ⇒ P = 993 / 0.331 = 3000.

This question belongs to: Maths Compound Interest

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Practice More Compound Interest Questions

Question #1 Report Error

A sum of money at compound interest doubles in 10 years. In how many years will it become 32 times?

A. 60 years

B. 40 years

C. 50 years

D. 45 years

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Correct Answer: Option C

Explanation:
32 = 2⁵, so 10 × 5 = 50 years.

This question belongs to: Maths Compound Interest

Question #2 Report Error

The difference between CI and SI on a certain sum for 2 years at 6% is Rs. 36. The sum is:

A. Rs. 8000

B. Rs. 10000

C. Rs. 11000

D. Rs. 9000

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Correct Answer: Option B

Explanation:
D = P × (0.06)² = P × 0.0036 = 36 ⇒ P = 10000.

This question belongs to: Maths Compound Interest

Question #3 Report Error

The compound interest on a certain sum for 2 years at 8% per annum is Rs. 416. Find the principal sum.

A. Rs. 2400

B. Rs. 2800

C. Rs. 2600

D. Rs. 2500

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Correct Answer: Option D

Explanation:
Effective rate of compound interest for 2 years at 8% = 8 + 8 + (88)/100 = 16.64%. Given 16.64% of P = 416 => P = 416 / 0.1664 = Rs. 2500.

This question belongs to: Maths Compound Interest

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