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  • Question
  • Samir invested Rs.10,000 in the company 'A' for one year in 2006. He reinvested the total amount along with interest for next one year in 2007. If he had invested for both years in the Company 'B', what would have been the difference between the interests earned?


  • Options
  • A. Rs. 16.50 less
  • B. Rs. 116.50 more
  • C. Rs. 128.50 less
  • D. Rs. 128.50 more

  • Correct Answer
  • Rs. 116.50 more 

    Explanation

    We can apply the formula to calculate the interest amount
    I = P x R x t where
    A = Total Accrued Amount (principal + interest)
    P = Principal Amount
    I = Interest Amount
    R = Rate of Interest per year as a percent;
    t = Time Period involved in years

    For Company A in 2006,
    Principle amount = 10000
    Rate of interest = 11.5 % ( As per given graph for company A in 2006)
    Time = 1 year
    The interest amount received by Samir in 2007 I = P x R x t
    The interest amount received by Samir in 2007 = 10000 x 11.5 x 1/100= 10000 x 115 x 1/10 x 100 = 10 x 115 = 1150
    Total amount received by Samir in 2007 = Interest amount + Principal amount = 10000 + 1150 = 11150
    Again For Company A in 2007,
    Principle amount = 11150
    Rate of interest = 15 % ( As per given graph for company A in 2007)
    Time = 1 year
    The interest amount received by Samir in 2008 I = P x R x t
    The interest amount received by Samir in 2008 = 11150 x 15 x 1/100 = 1115 x 15/10 = 1115 x 3/2 = 3345/2 = 1672.5
    Total amount received by Samir in 2008 = Interest amount + Principal amount = 11150+ 1672.5 = 12822.50
    Hence, their interest = 12822.50 - 10000 = 2822.50
    For Company B in 2006,
    Principle amount = 10000
    Rate of interest = 13.5 % ( As per given graph for company B in 2006)
    Time = 1 year
    The interest amount received by Samir in 2007 I = P x R x t
    The interest amount received by Samir in 2007 = 10000 x 13.5 x 1/100= 10000 x 135 x 1/10 x 100 = 10 x 135 = 1350
    Total amount received by Samir in 2007 = Interest amount + Principal amount = 10000 + 1350 = 11350
    Again For Company B in 2007,
    Principle amount = 11350
    Rate of interest = 14 % ( As per given graph for company B in 2007)
    Time = 1 year
    The interest amount received by Samir in 2008 I = P x R x t
    The interest amount received by Samir in 2008 = 11350 x 14 x 1/100 = 1135 x 14/10 = 1135 x 7/5 = 227 x 7 = 1589
    Total amount received by Samir in 2008 = Interest amount + Principal amount = 11350+ 1589 = 12939
    Since, their interest = 12939 - 10000 = Rs. 2939
    Hence, difference between the interests earned = 2939 - 2822.50 = Rs. 116.50
    If Samir had invested the amount in company B for both years then he would get Rs. 116.50 more.


  • More questions

    • 1. 
      Which bank has given maximum loan and in which year?

    • Options
    • A. 2007
    • B. 2008
    • C. 2006
    • D. 2008
    • Discuss
    • 2. 
      The total number of students coming to school either by walking or by bus is:

    • Options
    • A. 480
    • B. 540
    • C. 1020
    • D. 170
    • Discuss
    • 3. 
      The highest marks in Hindi in 1993 was what % of the average marks in Mathematics in 1996?

    • Options
    • A. 135
    • B. 130
    • C. 125
    • D. 140
    • Discuss
    • 4. 
      What is the rate of interest p.c.p.a.?
      I. The amount doubles itself in 5 years on simple interest.
      II. Difference between the compound interest and the simple interest earned on this amount in two years is $400.
      III. Simple interest earned per annum is $2000.

    • Options
    • A. Only I
    • B. Only II and III
    • C. Any two of the three
    • D. All I, II and III
    • Discuss
    • 5. 
      What was the number of students studying in school B in 1994?

    • Options
    • A. 2030
    • B. 1060
    • C. 1445
    • D. 1150
    • Discuss
    • 6. 
      The number of students playing Football from School C is a % of the total number of students playing Football from all the schools. Then a equals

    • Options
    • A. 19 7 % 9
    • B. 19 4 % 9
    • C. 18 %
    • D. 20 2 % 9
    • Discuss
    • 7. 
      The ratio of the total amount spent on football to that spent on hockey is:

    • Options
    • A. 2 : 1
    • B. 1 : 1
    • C. 1 : 2
    • D. 3 : 2
    • Discuss
    • 8. 
      What is the number of women working in the Marketing department?

    • Options
    • A. 41
    • B. 34
    • C. 46
    • D. 39
    • Discuss
    • 9. 
      In 2002?03 the income of Company Y was $ 128 billion. What was its expenditure in that year?

    • Options
    • A. $ 76.8 billion
    • B. $ 64 billion
    • C. $ 48 billion
    • D. Cannot be determined
    • Discuss
    • 10. 
      What is the ratio of the number of boys to the number of girls speaking both the languages?

    • Options
    • A. 23 : 25
    • B. 12 : 25
    • C. 12 : 13
    • D. 25 : 13
    • Discuss


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