Compound Interest problems
- 1. 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.
Options- A. 3567
- B. 3452
- C. 3087
- D. 3544 Also asked in: Bank Exams, Bank PO
Correct Answer: 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
- 2. The difference between the compound interest and the simple interest accrued on an amount of Rs. 18,000 in 2 years was Rs. 405. What was the rate of interest p.c.p.a. ?
Options- A. 12%
- B. 13%
- C. 14%
- D. 15% Also asked in: Bank Exams, Bank PO
Correct Answer: 15%
Explanation:
Let the rate be R% p.a. Then,
Rate = 15%.
- 3. The difference between simple and compound interest compounded annually on a certain sum of money for 2 years at 4% per annum is re.1. the sum is
Options- A. 625
- B. 630
- C. 640
- D. 650 Also asked in: Bank Exams, Bank PO
Correct Answer: 625
Explanation:
sum=Rs.x
C.I=[x(1+4/100)^2-x]=(676/625x-x)=51/625
S.I=(x*4*2)/100=2x/25
x=625
- 4. The difference between the compound interest and simple interest on a certain sum at 10% per annum for 2 years is Rs. 631. Find the sum.
Options- A. 60100
- B. 61100
- C. 62100
- D. 63100 Also asked in: Bank Exams, Bank PO
Correct Answer: 63100
Explanation:
Let the sum be Rs. x. Then,
C.I. = x ( 1 + ( 10 /100 ))^2 - x = 21x / 100 ,
S.I. = (( x * 10 * 2) / 100) = x / 5
(C.I) - (S.I) = ((21x / 100 ) - (x / 5 )) = x / 100
( x / 100 ) = 632 * x = 63100.
Hence, the sum is Rs.63,100.
- 5. Rs 1000 is being charged at 50% per annum. what is the interest for 3rd year at compound interest?
Options- A. 1122
- B. 1025
- C. 1125
- D. 625 Discuss
Correct Answer: 1125
Explanation:
Total amount for two years =
Now , interest for third year =
- 6. The minimum number of half years in which a sum of money kept at 60% compound interest will be quadrupled is ?
Options- A. 2
- B. 4
- C. 3
- D. 6 Also asked in: CAT, Bank PO
Correct Answer: 6
Explanation:
Let us assume Amount be 100 Rs and we calculate in CI
First year 60% of 100 = 60 amount (100+60) is 160
Second year 60% of 160 = 96 amount (160+96) is 256
Third year 60% of 256 =153.6 amount (256+153.6) is 409.6
Here the Amount of 100 Rs is quadrapled in 3 years.
One year contains 2 half years
Three year has 6 half years.
Therefore, It takes 6 half years.
- 7. A sum of money invested at compound interest amounts to Rs. 800 in 3 years and to Rs. 840 in 4 years. The rate of interest per annum is
Options- A. 6%
- B. 4%
- C. 5%
- D. 7% Also asked in: Bank Exams, Bank PO
Correct Answer: 5%
Explanation:
S.I. on Rs.800 for 1 year
=Rs[840 - 800]
= Rs.40
Rate
=(100x40/800x1)%
= 5%
- 8. What is the difference between the compound interests on Rs. 5000 for 1 1/2 years at 4% per annum compounded yearly and half-yearly?
Options- A. 2.04
- B. 3.04
- C. 4.04
- D. 5.04 Also asked in: Bank Exams, Bank PO
Correct Answer: 2.04
Explanation:
C.I. when interest
compounded yearly=rs.[5000*(1+4/100)(1+1/2*4/100)]
= Rs. 5304.
C.I. when interest is
compounded half-yearly=rs.5000(1+2/100)^3
= Rs. 5306.04
Difference = Rs. (5306.04 - 5304) = Rs. 2.04
- 9. What is the SI on Rs.2500/- at the rate of 12% per annum for 8 years?
Options- A. 2200
- B. 2300
- C. 2400
- D. 2500 Also asked in: Bank Exams, Bank PO
Correct Answer: 2400
Explanation:
S.I=PNR/100
- 10. Find the compound interest on Rs. 2680 at 8% per annum for 2 years ?
Options- A. Rs. 664.21
- B. Rs. 548.68
- C. Rs. 445.95
- D. Rs. 692.57 Also asked in: GATE, CAT, Bank Exams, AIEEE, Bank PO, Bank Clerk, Analyst
Correct Answer: Rs. 445.95
Explanation:
We know Compound Interest = C.I. = P1+r100t - 1
Here P = 2680, r = 8 and t = 2
C.I. = 26801 + 81002-1= 268027252-12= 26802725+12725-1= 2680 5225×225
= (2680 x 52 x 2)/625
= 445.95
Compound Interest = Rs. 445.95
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