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Q:

Albert invested an amount of Rs. 8000 in a fixed deposit scheme for 2 years at compound interest rate 5 p.c.p.a. How much amount will Albert get on maturity of the fixed deposit

A) Rs.8820	B) Rs.8620
C) Rs.8520	D) Rs.8320

Answer & Explanation Answer: A) Rs.8820

Explanation:

Amount = $R s . [8000 * {(1 + \frac{5}{100})}^{2}]$ =Rs.8820

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

Q:

A man buys a watch for Rs1950 in cash and sells it for Rs 2200 at a credit of 1 yr. The rate of interest is 10% per annum. Then he gains or loose how much amount?

A) 50	B) 55
C) 15	D) 45

Answer & Explanation Answer: A) 50

Explanation:

S.P = P.W of Rs. 2200 due 1yr hence = Rs. [(2200 x 100)/100+(10 x 1)] = Rs.2000

Gain = Rs.(2000-1950) = Rs. 50

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Filed Under: True Discount

Q:

The least number of complete years in which a sum of money put out at 20% compound interest will be more than doubled is:

A) 3	B) 4
C) 5	D) 6

Answer & Explanation Answer: B) 4

Explanation:

$P {(1 + \frac{20}{100})}^{n} > 2 P \Leftrightarrow {(\frac{6}{5})}^{n} > 2$

$(\frac{6}{5} \times \frac{6}{5} \times \frac{6}{5} \times \frac{6}{5}) > 2$

so, answer is 4 years

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Filed Under: Compound Interest
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Q:

What will be compounded amount?
I. Rs. 200 was borrowed for 192 months at 6% compounded annually.
II. Rs. 200 was borrowed for 16 years at 6%.

A) I alone sufficient while II alone not sufficient to answer	B) II alone sufficient while I alone not sufficient to answer
C) Either I or II alone sufficient to answer	D) Both I and II are not sufficient to answer

Answer & Explanation Answer: C) Either I or II alone sufficient to answer

Explanation:

I. Amount = $R s . [200 * {(1 + \frac{6}{100})}^{16}]$

II. Amount = $R s [200 * {(1 + \frac{6}{100})}^{16}]$

Thus, I as well as II gives the answer.

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Filed Under: Compound Interest
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Q:

What is the rate of compound interest?
I. The principal was invested for 4 years.
II. The earned interest was Rs. 1491.

A) I alone sufficient while II alone not sufficient to answer	B) II alone sufficient while I alone not sufficient to answer
C) Either I or II alone sufficient to answer	D) Either I or II alone sufficient to answer

Answer & Explanation Answer: D) Either I or II alone sufficient to answer

Explanation:

Let Principal = Rs. P and Rate = R% p.a. Then,

Amount= $R s . [P {(1 + \frac{R}{100})}^{4}]$

C.I = $P [{(1 + \frac{R}{100})}^{4} - 1]$

$P [{(1 + \frac{R}{100})}^{4} - 1] = 1491$

Clearly, it does not give the answer

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Q:

The difference between compound interest and simple interest on a sum for two years at 8% per annum, where the interest is compounded annually is Rs.16. if the interest were compounded half yearly , the difference in two interests would be nearly

A) Rs.24.64	B) Rs.21.85
C) Rs.16	D) Rs.16.80

Answer & Explanation Answer: A) Rs.24.64

Explanation:

For 1st year S.I =C.I.

Thus, Rs.16 is the S.I. on S.I. for 1 year, which at 8% is thus Rs.200

i.e S.I on the principal for 1 year is Rs.200

Principle = $R s . \frac{100 * 200}{8 * 1}$ = Rs.2500

Amount for 2 years, compounded half-yearly

$R s . [2500 * {(1 + \frac{4}{100})}^{4}] = R s . 2924.4$

C.I = Rs.424.64

Also, $S . I = R s . (\frac{2500 * 8 * 2}{100}) = R s . 400$

Hence, [(C.I) - (S.I)] = Rs. (424.64 - 400) = Rs.24.64

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

Q:

The difference between the simple interest on a certain sum at the rate of 10%per annum for 2 years and compound interest which is compounded every 6 months is Rs.124.05. what is the principal sum

A) Rs.6000	B) Rs.8000
C) Rs.12000	D) none of these

Answer & Explanation Answer: B) Rs.8000

Explanation:

Compound Interest on P at 10% for 2 years when interest is compounded half-yearly

= $P {(1 + \frac{\frac{R}{2}}{100})}^{2 T} - P = P {(1 + \frac{1}{20})}^{4} - P = P {(\frac{21}{20})}^{4} - P$

Simple Interest on P at 10% for 2 years = $\frac{P R T}{100} = \frac{P \times 10 \times 2}{100} = \frac{P}{5}$

Given that difference between compound interest and simple interest = 124.05

$P * {(\frac{21}{20})}^{4} - P - \frac{P}{5} = 124.05$

=> $P [{(\frac{21}{20})}^{4} - 1 - \frac{1}{5}] = 124.05$

P=8000

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

Q:

A college has 10 basketball players. A 5-member team and a captain will be selected out of these 10 players. How many different selections can be made?

A) 1260	B) 210
C) 210 x 6!	D) 1512

Answer & Explanation Answer: A) 1260

Explanation:

A team of 6 members has to be selected from the 10 players. This can be done in 10C6 or 210 ways.

Now, the captain can be selected from these 6 players in 6 ways.
Therefore, total ways the selection can be made is 210×6= 1260

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Filed Under: Permutations and Combinations

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