Compound Interest problems
- 1. The compound interest on Rs. 8000 for 3 year at 10% p.a. is
Options- A. 2648
- B. 2145
- C. 2587
- D. 2784 Also asked in: AIEEE, Bank Exams, CAT, Bank Clerk, Bank PO
Correct Answer: 2648
Explanation:
8000 × 33.1% = 2648
- 2. What is the difference between the compound interests on Rs. 5000 for 11?2 years at 4% per annum compounded yearly and half-yearly?
Options- A. Rs. 1.80
- B. Rs. 2.04
- C. Rs. 3.18
- D. Rs. 4.15 Also asked in: GATE, CAT, Bank Exams, AIEEE, Bank PO, Bank Clerk, Analyst
Correct Answer: Rs. 2.04
Explanation:
Compound Interest for 1 1?2 years when interest is compounded yearly = Rs.(5304 - 5000)
Amount after 11?2 years when interest is compounded half-yearly
Compound Interest for 1 1?2 years when interest is compounded half-yearly = Rs.(5306.04 - 5000)
Difference in the compound interests = (5306.04 - 5000) - (5304 - 5000)= 5306.04 - 5304 = Rs. 2.04
- 3. At a certain rate of interest the compound interest of 3 years and simple interest of 5 years for certain sum of money is respectively Rs. 1513.2 and Rs. 2400. Find the common rate of interest per annum ?
Options- A. 5%
- B. 6%
- C. 4%
- D. 3% Also asked in: GATE, CAT, Bank Exams, AIEEE, Bank PO, Bank Clerk
Correct Answer: 5%
Explanation:
Given compound interest for 3 years = Rs. 1513.2
and simple interest for 5 years = Rs. 2400
Now, we know that C.I =
=> 1513.2 = ...........(A)
And S.I = PTR/100
=> 2400 = P5R/100 ..................(B)
By solving (A) & (B), we get
R = 5%.
- 4. 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
- 5. 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%.
- 6. 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
- 7. 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.
- 8. 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.
- 9. 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%
- 10. 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
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