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Q:

Question :

What is the sum which earned interest ?

Statements :

a. The total simple interest was Rs. 9000 after 9 years.
b. The total of sum and simple interest was double of the sum after 6 years.

A) Only a is sufficient B) Neither a nor b is sufficient
C) Only b is sufficient D) Both a and b sufficient

Answer:   D) Both a and b sufficient



Explanation:

Let the sum be Rs. x

a. gives, S.I = Rs. 9000 and time = 9 years.

b. gives, Sum + S.I for 6 years = 2 x Sum

--> Sum = S.I for 6 years.


Now, S.I for 9 years = Rs. 9000

S.I for 1 year = Rs. 9000/9 = Rs. 1000.

S.I for 6 years = Rs. (1000 x 6)= Rs. 6000.

--> x = Rs. 6000

Thus, both a and b are necessary to answer the question.

Subject: Simple Interest
Exam Prep: GRE , GATE , CAT , Bank Exams , AIEEE
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A sum of money at simple interest amounts to Rs. 815 in 3 years and to Rs. 854 in 4 years. The sum is:

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C) 698 D) 700
 
Answer & Explanation Answer: C) 698

Explanation:

S.I. for 1 year =  Rs. (854 - 815) = Rs. 39.

S.I. for 3 years = Rs.(39 x 3) = Rs. 117.

Principal = Rs. (815 - 117) = Rs. 698

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You deposit $600 into a 6 month certificate of deposit. After 6 months the balance is $618. Find the simple annual interest rate

A) 6% B) 5%
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Answer & Explanation Answer: A) 6%

Explanation:

1. To find the interest, subtract the principal from the balance.

       $618 - $600 = $18

2.Use the simple interest formula and solve for r.

       I = Prt

      18= 600 x r x (1/2)

       r= 0.06 =6%

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In how many years will a sum of Rs.800 at 10% per annum compounded semi annually become Rs.926.10

A) 1.5 B) 2.5
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Answer & Explanation Answer: A) 1.5

Explanation:

Let the time be 'n' years, Then

 

800×1+51002n=926.10 <=> 1+51002n=92618000<=>21202n=21103

 

n = 3/2 or n= 112 Years 

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The present of Rs.169 due in 2years at 4% per annum compound interest is

A) Rs.150.50 B) Rs.154.75
C) Rs.156.25 D) Rs.158
 
Answer & Explanation Answer: C) Rs.156.25

Explanation:

Present worth = 169/(1+4/100)^n = 156.25

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At what rate of compound interest per annum will a sum of rs.1200 becomes rs.1348.32 in 2 years

A) 66%% B) 6.5%
C) 7% D) 7.5%
 
Answer & Explanation Answer: A) 66%%

Explanation:

rate=r%

1200 (1+r/100)^2=1348.32

r=6%

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The difference between the simple interest received from two different sources on Rs.1500 for 3 years is Rs.13.50. The difference between their rates of interest is

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Answer & Explanation Answer: C) 0.3%

Explanation:

(1500 x R1 x 3)/100 

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