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Q:

The population of a town was 3600 three years back. It is 4800 right now. What will be the population three years down the line, if the rate of growth of population has been constant over the years and has been compounding annually?

A) Rs.600	B) Rs,6400
C) Rs.6500	D) Rs.6600

Answer & Explanation Answer: B) Rs,6400

Explanation:

The population grew from 3600 to 4800 in 3 years. That is a growth of 1200 on 3600 during three year span.

Therefore, the rate of growth for three years has been constant.

The rate of growth during the next three years will also be the same.

Therefore, the population will grow from 4800 by $4800 * \frac{1}{3}$ = 1600

Hence, the population three years from now will be 4800 + 1600 = 6400

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Filed Under: Compound Interest
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Q:

What will Rs.1500 amount to in three years if it is invested in 20% p.a. compound interest, interest being compounded annually?

A) Rs.2592	B) Rs.2492
C) Rs.2352	D) Rs.2352

Answer & Explanation Answer: A) Rs.2592

Explanation:

The usual way to find the compound interest is given by the formula A = .p(1+r/100)^n

In this formula,

A is the amount at the end of the period of investment

P is the principal that is invested

r is the rate of interest in % p.a

And n is the number of years for which the principal has been invested.

In this case, it would turn out to be A =1500(1+20/100)^3

= 2592.

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Q:

The difference between compound interest and simple interest on an amount of Rs. 15,000 for 2 years is Rs. 96. What is the rate of interest per annum?

A) 8	B) 10
C) 12	D) 14

Answer & Explanation Answer: A) 8

Explanation:

[15000*(1+r/100)2-15000]-(15000*r*2)/100=96

Rate=8%

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Q:

The difference between simple interest and compound on Rs. 1200 for one year at 10% per annum reckoned half-yearly is

A) Rs.2	B) Rs.3
C) Rs.4	D) Rs.5

Answer & Explanation Answer: B) Rs.3

Explanation:

S.I. = Rs.(1200*10*1)/100=rs.120

C.I. =rs[1200*(1+5/100)2-1200]=rs.123

Difference = Rs.(123-120) =Rs.3

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Q:

If the simple interest on a sum of money for 2 years at 5% per annum is Rs. 50, what is the compound interest on the same at the same rate and for the same time

A) Rs.51.25	B) Rs.61.25
C) Rs.51	D) Rs.42

Answer & Explanation Answer: A) Rs.51.25

Explanation:

Sum = Rs.(50*100)/2*5=Rs.500

Amount=Rs.[500*(1+5/100)2]

= Rs. 551.25

C.I = Rs.(551.25-500)= Rs.51.25

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Q:

If Rs.10 be allowed as true discount on a bill of Rs.110 at the end of a certain time , then the discount allowed on the same sum due at the end of double the time is

A) 18.20	B) 18.33
C) 18	D) 18.30

Answer & Explanation Answer: B) 18.33

Explanation:

Present worth = Amount - True Discount = 110 -10 = Rs.100

SI on Rs.100 for a certain time = Rs.10

SI on Rs.100 for doube the time = Rs.20

True Discount on Rs.120 = 120 - 100 = Rs.20

True Discount on Rs.110 = $(110 \times \frac{20}{120})$ = Rs.18.33

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Filed Under: True Discount

Q:

A has to pay Rs.220 to B after 1yr. B asks A to pay Rs.110 in cash and defer the payment of Rs.110 for 2 yrs. A agrees to it. If the rate of interest be 10% per annum in this mode of payment:

A) A gains Rs.11	B) There is No gain or loss
C) A losses 7.43	D) A gains Rs. 7.34

Answer & Explanation Answer: D) A gains Rs. 7.34

Explanation:

A has to pay = Present worth of Rs220 due 1yr hence

= Rs.[(220 x 100)/100+(10 x 1)] = Rs.200

A actually pays = Rs.110+PW of Rs.110 due 2 yrs hence

= [110+(110 x 100)] / [100+(10 x 2)] = Rs.192.66

So, A gains Rs. (200-192.66) = Rs.7.34

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Q:

If Rs.20 is the True Discount on Rs260due after a certain time.What wil be true discount on the same sum due after half of the former time, the rate of interest being the same?

A) Rs.9.40	B) Rs.10.14
C) Rs.10.40	D) Rs.9.14

Answer & Explanation Answer: C) Rs.10.40

Explanation:

Simple Interest on Rs. (260-20) for a gven time= Rs.20

Simple Interest on Rs. (260-20) for a half time = Rs.10

True Discount on Rs.250 = Rs.10

True Discount on Rs.260 = Rs.[(10/250) x 260] = Rs. 10.40

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