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Q:

In what time will Rs. 1000 become Rs. 1331 at 10% per annum compounded annually?

A) 1years	B) 2years
C) 3years	D) 4years

Answer & Explanation Answer: C) 3years

Explanation:

Principal = Rs. 1000; Amount = Rs. 1331; Rate = 10% p.a. Let the time be n years. Then,
[ 1000 (1+ (10/100))^n ] = 1331 or (11/10)^n = (1331/1000) = (11/10)^3
n = 3 years

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

Q:

If the simple interest on a sum of money at 5% per annum for 3 years is Rs. 1200, find the compound interest on the same sum for the same period at the same rate.

A) 1261	B) 1271
C) 1281	D) 1291

Answer & Explanation Answer: A) 1261

Explanation:

Clearly, Rate = 5% p.a., Time = 3 years, S.I.= Rs. 1200. . .
So principal=RS [100*1200]/3*5=RS 8000
Amount = Rs. 8000 x [1 +5/100]^3 - = Rs. 9261.
.. C.I. = Rs. (9261 - 8000) = Rs. 1261.

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Q:

Find the compound interest on Rs. 16,000 at 20% per annum for 9 months, compounded quarterly

A) 2422	B) 2522
C) 2622	D) 2722

Answer & Explanation Answer: B) 2522

Explanation:

Principal = Rs. 16000; Time = 9 months =3 quarters;
Rate = 20% per annum = 5% per quarter.
Amount = Rs. [16000 x (1+(5/100))3] = Rs. 18522.

CJ. = Rs. (18522 - 16000) = Rs. 2522

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Q:

Find the compound interest on Rs. 10,000 in 2 years at 4% per annum, the interest being compounded half-yearly.

A) 524.32	B) 624.32
C) 724.32	D) 824.32

Answer & Explanation Answer: D) 824.32

Explanation:

Principal = Rs. 10000; Rate = 2% per half-year; Time = 2 years = 4 half-years.
Amount == Rs. 10824.32.

$R s . [10000 * {(1 + \frac{2}{100})}^{4}] = R s . [10000 * \frac{51}{50} * \frac{51}{50} * \frac{51}{50} * \frac{51}{50}]$

$\therefore$ C.I. = Rs. (10824.32 - 10000) = Rs. 824.32.

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Q:

Find compound interest on Rs. 8000 at 15% per annum for 2 years 4 months, compounded annually

A) 2109	B) 3109
C) 4109	D) 6109

Answer & Explanation Answer: B) 3109

Explanation:

Time = 2 years 4 months = 2(4/12) years = 2(1/3) years.
Amount = Rs'. [8000 X (1+(15/100))^2 X (1+((1/3)*15)/100)]
=Rs. [8000 * (23/20) * (23/20) * (21/20)]
= Rs. 11109. .
:. C.I. = Rs. (11109 - 8000) = Rs. 3109.

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Q:

Find compound interest on Rs. 7500 at 4% per annum for 2 years, compounded annually.

A) 612	B) 712
C) 812	D) 912

Answer & Explanation Answer: A) 612

Explanation:

Amount = Rs [7500*(1+(4/100)2] = Rs (7500 * (26/25) * (26/25) ) = Rs. 8112.
therefore, C.I. = Rs. (8112 - 7500) = Rs. 612.

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Exam Prep: Bank Exams
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Q:

Some envelops are gums. Some gums are seals. Some seals are adhesives.

Conclusions:

1. Some envelops are seals

2. Some gums are adhesives

3. Some adhesives are seals

4. Some adhesives are gums

A) Only 3	B) Only 1
C) Only 2	D) Only 4

Answer & Explanation Answer: A) Only 3

Explanation:

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Filed Under: Statement and Conclusions
Exam Prep: GRE

Q:

The true discount on Rs.1600 due to after a certain of 5% per annum is Rs.160. The time after which it is due is

A) 27months	B) 23months
C) 20months	D) 12months

Answer & Explanation Answer: A) 27months

Explanation:

P.W. = Rs. (1600 - 160) = Rs. 1440
∴ S.I. on Rs.1440 at 5% is Rs. 160.
∴ Time = [100 * 160 / 1440 * 5] = 20/9 years = [20/9 * 12] months = 27 months.

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Filed Under: True Discount

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