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Q:

Rs. 5887 is divided between Shyam and Ram, such that Shyam's share at the end of 9 years is equal to Ram's share at the end of 11 years, compounded annually at the rate of 5%. Find the share of Shyam.

A) 3567	B) 3452
C) 3087	D) 3544

Answer & Explanation Answer: C) 3087

Explanation:

Shyam's share * (1+0.05)9 = Ram's share * (1 + 0.05)11

Shyam's share / Ram's share = (1 + 0.05)11 / (1+ 0.05)9 = (1+ 0.05)2 = 441/400

Therefore Shyam's share = (441/841) * 5887 = 3087

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Q:

The difference between the compound interest and the simple interest on a certain sum at 12% p.a. for two years is Rs.90. What will be the value of the amount at the end of 3 years?

A) 8560	B) 8673
C) 8746	D) 8780.80

Answer & Explanation Answer: D) 8780.80

Explanation:

when interest is reckoned using compound interest, interest being compounded annually. The difference in the simple interest and compound interest for two years is on account of the interest paid on the first year's interest Hence 12% of simple interest = 90 => simple interest =90/0.12 =750.

As the simple interest for a year = 750 @ 12% p.a., the principal =750/0.12 = Rs.6250.

If the principal is 6250, then the amount outstanding at the end of 3 years = 6250 + 3(simple interest on 6250) + 3 (interest on simple interest) + 1 (interest on interest on interest) = 6250 +3(750) + 3(90) + 1(10.80) = 8780.80.

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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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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:

A man wants to sell his scooter .There are two offers one at Rs12000 cash and other at a credit of Rs12880 to be paid after 8 months ,money being at 18% per annum which is better offer?

A) Rs.12880	B) Rs.12000
C) Both are equally good	D) None of the above

Answer & Explanation Answer: B) Rs.12000

Explanation:

PW of Rs.12,880 due 8 months hence

= Rs. [12880 x 100] / [100+(18 x 8/12)] =Rs.11500

Clearly 12000 in cash is a better offer.

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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:

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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