compound-interest bank-po question and answers -Page first

2. The least number of complete years in which a sum of money put out at 20% compound interest will be more than doubled is:
Options
A. 3
B. 4
C. 5
D. 6

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3. The difference between simple and compound interests compounded annually on a certain sum of money for 2 years at 4% per annum is Re. 1. The sum (in Rs.) is:
Options
A. 625
B. 630
C. 640
D. 650

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4. Find compound interest on Rs. 8000 at 15% per annum for 2 years 4 months, compounded annually
Options
A. 2109
B. 3109
C. 4109
D. 6109

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5. A sum of money lent at compound interest for 2 years at 20% per annum would fetch Rs.482 more, if the interest was payable half yearly than if it was payable annually . The sum is
Options
A. 10000
B. 20000
C. 40000
D. 50000

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6. A sum of money amounts to Rs.6690 after 3 years and to Rs.10,035 after 6 years on compound interest.find the sum.
Options
A. 4360
B. 4460
C. 4560
D. 4660

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7. The difference between compound interest and simple interest on a sum for two years at 8% per annum, where the interest is compounded annually is Rs.16. if the interest were compounded half yearly , the difference in two interests would be nearly
Options
A. Rs.24.64
B. Rs.21.85
C. Rs.16
D. Rs.16.80

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8. Find the compound interest on Rs. 10,000 in 2 years at 4% per annum, the interest being compounded half-yearly.
Options
A. 524.32
B. 624.32
C. 724.32
D. 824.32

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9. What annual payment will discharge a debt of Rs.7620 due in 3years at 1623 % per annum interest?
Options
A. 5430
B. 4430
C. 3430
D. 2430

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Correct Answer: 3430

Explanation:

Let each installment be Rs.x. Then,

(P.W. of Rs.x due 1 year hence) + (P.W of Rs.x due 2 years hence) + (P.W of Rs. X due 3 years hence) = 7620.

$[\frac{x}{(1 + \frac{50}{3 x 100})}] + [\frac{x}{1 + {(\frac{50}{3 x 100})}^{2}}] + [\frac{x}{1 + {(\frac{50}{3 x 100})}^{3}}] = 7620$

$\frac{6 x}{7} + \frac{36 x}{49} + \frac{216 x}{343} = 7620$

$294 x + 252 x + 216 x = 7620 x 343$

=> x = 3430

Amount of each installment = Rs.3430

10. What is the rate of interest p.c.p.a.? I. An amount doubles itself in 5 years on simple interest. II. Difference between the compound interest and the simple interest earned on a certain amount in 2 years is Rs. 400. III. Simple interest earned per annum is Rs. 2000
Options
A. I only
B. II and III only
C. All I, II and III
D. I only or II and III only

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