compound interest mcq pdf Model Questions & Answers, Practice Test for ibps rrb so officer sclae 2 3 single exam 2024
ibps rrb so officer sclae 2 3 single exam 2024 SYLLABUS WISE SUBJECTS MCQs
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Compound Interest
The ratio of the amount for two years under C.I. annually and for one year under S.I. is 6 : 5. When the rate of interest is same, then the value of rate of interest is
Answer:(a)
On the second year (in terms of C.I.) is
${P(1 + r/100)^2}/(P + {Pr}/100) = 6/5$
⇒ $(1 + r/100) = 6/5$
⇒ r = 20%
According to a new plan declared by the CSIR Bank, the rate of simple interest on a sum of money is 6% p.a. for the first two years, 8% p.a. for the next three years and 10% p.a for the period beyond first 5 years. Simple interest accrued on a sum for a period of 8 years is Rs.6600. Find the sum.
Answer: (a)
Let the amount deposited be x.
SI for first 2 years = ${x × 6 × 2}/100 = {12x}/100$
SI for next 3 years = ${x × 8 × 3}/100 = {24x}/100$
SI for (8 – 5) i.e. 3 years = ${x × 10 × 3}/100 = {30x}/100$
So, ${12x}/100 + {24x}/100 + {30x}/100$ = 6600
${66x}/100 = 6600$
x = ${6600 × 100}/66 = 10,000$
A sum amounts to Rs. 9680 in 2 years and to Rs. 10648 in 3 years compounded annually. Find the principal and the rate of interest per annum.
Answer: (b)
Let P = x
r = r% p.a.
$A_1$ = Rs. 9680
$t_1$ = 2 years
$A_2$ = Rs. 10648
$t_2$ = 3 years
Interest on Rs. 9680 for 1 year
= 10648 – 9680 = Rs. 968
∴ r = ${968 × 100}/9680$ = 10%
Using A = P$(1 + r/100)^t$ we get
9680 = x$(1+ 10/100)^2 = x (11/10)^2$
⇒ x = 9680 × $10/11 × 10/11$ = 8000
∴ Principal = Rs. 8000.
Rs. 16,000 was invested for three '' years, partly in Scheme A at the rate of 5% Simple Interest per annum and partly in scheme B at the rate of 8% Simple Interest per annum. Total interest received at the end was Rs. 3480. How much sum of money invested in Scheme A ?'
Answer: (d)
A finance company declares that, at a certain compound interest rate, a sum of money deposited by anyone will become 8 times in three years. If the same amount is deposited at the same compound rate of interest, then in how many year will it become 16 times ?
Answer:(b)
Given 8P = P$(1 + r/100)^3$
Where P = Principal amount,
r = Compound interest rate
⇒ r = 100%
∴ let the time in which the principal amount becomes 16 times be n
Then 16P = $P (1 + 100/100)^n$
⇒ 16 = $2^n$ ⇒ n = 4yrs.
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