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Q:

What would be the least number of years in which the simple interest on Rs.2600 at % will be an exact number of rupees ?

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

Answer & Explanation Answer: B) 3

Explanation:

$S . I = R s . [2600 * \frac{20}{3} * \frac{1}{100} * t]$

$S . I = R s . [\frac{520}{3} * t]$

t=3

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Filed Under: Compound Interest
Exam Prep: Bank Exams
Job Role: Bank PO

Q:

A sum was put at simple interest at a certain rate for 10 years . Had it been put at 5% higher rate , it would have fetched Rs.600 more. What was the Sum?

A) Rs.1200	B) Rs.1300
C) Rs.1400	D) Rs.1500

Answer & Explanation Answer: A) Rs.1200

Explanation:

At 5% more rate, the increase in S.I for 10 years = Rs.600 (given)

So, at 5% more rate, the increase in SI for 1 year = 600/10 = Rs.60/-

i.e. Rs.60 is 5% of the invested sum

So, 1% of the invested sum = 60/5

Therefore, the invested sum = 60 × 100/5 = Rs.1200

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Filed Under: Simple Interest
Exam Prep: Bank Exams
Job Role: Bank PO

Q:

Tickets numbered 1 to 20 are mixed up and then a ticket is drawn at random. What is the probability that the ticket drawn has a number which is a multiple of 3 or 5?

A) 1/2	B) 3/5
C) 9/20	D) 8/15

Answer & Explanation Answer: C) 9/20

Explanation:

Here, S = {1, 2, 3, 4, ...., 19, 20}.

Let E = event of getting a multiple of 3 or 5 = {3, 6 , 9, 12, 15, 18, 5, 10, 20}.

P(E) = n(E)/n(S) = 9/20.

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Filed Under: Probability

Q:

Mr. Gupta borrowed a sum of money on compound interest. What will be the amount to be repaid if he is repaying the entire amount at the end of 2 years?

I. The rate of interest is 5 p.c.p.a.

II. Simple interest fetched on the same amount in one year is Rs. 600.

III. The amount borrowed is 10 times the simple interest in 2 years.

A) I only	B) III only
C) I or II only	D) .II and Either I or III only

Answer & Explanation Answer: D) .II and Either I or III only

Explanation:

I. gives, Rate = 5% p.a.

II. gives, S.I. for 1 year = Rs. 600.

III. gives, sum = 10 x (S.I. for 2 years).

Now I, and II give the sum.

For this sum, C.I. and hence amount can be obtained.

Thus, III is redundant.

Again, II gives S.I. for 2 years = Rs. (600 x 2) = Rs. 1200.

Now, from III, Sum = Rs. (10 x 1200) = Rs . 12000.

Thus, Rate =

100 x 1200

= 5% p.a.

2 x 12000

Thus, C.I. for 2 years and therefore, amount can be obtained.

Thus, I is redundant.

Hence, I or III redundant.

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Filed Under: Quantitative Aptitude - Arithmetic Ability
Exam Prep: Bank Exams
Job Role: Bank PO

Q:

Mr. Gupta borrowed a sum of money on compound interest. What will be the amount to
be repaid if he is repaying the entire amount at the end of 2 years?
I. The rate of interest is 5 p.c.p.a.
II. Simple interest fetched on the same amount in one year is Rs. 600.
III. The amount borrowed is 10 times the simple interest in 2 years.

A) .I only	B) III only
C) I or II	D) II and Either I or III only

Answer & Explanation Answer: D) II and Either I or III only

Explanation:

I. gives, Rate = 5% p.a.

II. gives, S.I. for 1 year = Rs. 600.

III. gives, sum = 10 x (S.I. for 2 years).

Now I, and II give the sum.

For this sum, C.I. and hence amount can be obtained.

Thus, III is redundant.

Again, II gives S.I. for 2 years = Rs. (600 x 2) = Rs. 1200.

Now, from III, Sum = Rs. (10 x 1200) = Rs . 12000.

Thus,Rate = $\frac{100 * 1200}{2 * 12000}$ =5%

Thus, C.I. for 2 years and therefore, amount can be obtained.

Thus, I is redundant.

Hence, I or III redundan

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Filed Under: Compound Interest
Exam Prep: Bank Exams
Job Role: Bank PO

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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Filed Under: Compound Interest
Exam Prep: Bank Exams
Job Role: Bank PO

Q:

A man invests Rs.5000 for 3 years at 5% p.a. compound interest reckoned yearly. Income tax at the rate of 20% on the interest earned is deducted at the end of each year. Find the amount at the end of the third year

A) Rs.5624.32	B) Rs.5423
C) Rs.5634	D) Rs.5976

Answer & Explanation Answer: A) Rs.5624.32

Explanation:

5% is the rate of interest. 20% of the interest amount is paid as tax.

i.e 80% of the interest amount stays back.

$\therefore$ if we compute the rate of interest as 80% of 5% = 4% p.a., we will get the same value.

The interest accrued for 3 years in compound interest = 3 x simple interest on principal + 3 x interest on simple interest + 1 x interest on interest on interest.

= 3 x (200) + 3 x (8) + 1 x 0.32 =600 + 24 + 0.32 = 624.32

The amount at the end of 3 years = 5000 + 624.32 = 5624.32

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Filed Under: Compound Interest
Exam Prep: Bank Exams
Job Role: Bank PO

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

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