simple and compound interest Model Questions & Answers, Practice Test for ibps so prelims 2023
ibps so prelims 2023 SYLLABUS WISE SUBJECTS MCQs
Number System
Simplification
Ratio & Proportion
Profit & Loss
Time & Work
Simple Interest & Compound Interest
Mensuration: Area & Volumes
Quadratic Equations
A sum of money will double itself in 16 years at simple interest at in yearly rate of ________ .
Answer: (d)
Rate of interest = ${100(2 - 1)}/{16} = 12{1/2}$%
What would be the compound interest accrued on a amount of Rs. 8000 at the rate of 15% per annum in three years ?
Answer: (a)
C.I. = P$[(1 + {R/{100}})^n -1] = 8000 [(1 + {{15}/{100}})^3 -1]$
=8000$[({115}/{100})^3 - 1] = 8000[({23}/{20})^3 -1]$
= 8000 $[{23 × 23 × 23 - 20 × 20 × 20}/{20 × 20 × 20}]$
= ${8000}/{8000}$ (12167 - 8000) = Rs.4167
S. I. accrued on an amount in 8 years at the rate of 12 p.c.p.a is Rs. 5520. What is the principal?
Answer: (c)
Principal = ${\text"SI"×100}/\text"R×T"={5520×100}/{12×8}=5750$
What is the C.I accrued on an amount of Rs. 8500 in two years @ 10 p.c.p.a interest?
Answer: (e)
Amt = $8500(1+10/100)^2=10285$
CI = 10285 – 8500
= 1785
Mr. Deepak invested an amount of Rs. 21,250 for 6 years. At what rate of simple interest will he obtain the total amount of Rs. 26,350 at the end of 6 years?
Answer: (e)
Rate = ${(26350-21250)×100}/{21250×6}$= ${510000}/{127500}$ = 4%
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