What sum will amount to Rs. 10584 in 2 years at 5% compound interest? MCQ with Answer and Explanation

What sum will amount to Rs. 10584 in 2 years at 5% compound interest?

A. Rs. 9800

B. Rs. 9200

C. Rs. 9400

D. Rs. 9600

Answer: Option D

P = 10584 / 1.1025 = 9600.

This question belongs to: Maths Compound Interest

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

Question #1 Report Error

In how many years will Rs. 3500 amount to Rs. 4235 at 10% per annum compound interest?

A. 2 years

B. 2.5 years

C. 1.5 years

D. 1 year

Correct Answer: Option A

Explanation:
3500(1.1)^t = 4235 ⇒ (1.1)^t = 1.21 ⇒ t = 2.

This question belongs to: Maths Compound Interest

Question #2 Report Error

At what rate percent per annum will Rs. 32000 amount to Rs. 37232 in 3 years, compound interest compounded annually?

A. 6%

B. 8%

C. 4%

D. 5%

Correct Answer: Option D

Explanation:
Amount/Principal = 37232 / 32000 = 4654 / 4000 = 9261 / 8000 = (21 / 20)^3. Therefore, 1 + R/100 = 21/20 => R/100 = 1/20 => R = 5%.

This question belongs to: Maths Compound Interest

Question #3 Report Error

A sum of money at compound interest becomes 7 times in 3 years. In how many years will it become 343 times?

A. 8 years

B. 9 years

C. 7 years

D. 6 years

Correct Answer: Option B

Explanation:
343 = 7³, so 3 × 3 = 9 years.

This question belongs to: Maths Compound Interest