simple and compound interest Model Questions & Answers, Practice Test for ssc cgl tier 1 2023
ssc cgl tier 1 2023 SYLLABUS WISE SUBJECTS MCQs
Number System
Ratio Proportion & Partnership
Averages
Percentages
Profit & Loss
Time & Work
Time & Distance
Simple Interest & Compound Interest
Mensuration: Area & Volumes
Algebraic Expressions
Linear Equations
Squareroots & Cuberoots
A man invested Rs.16000 at compound interest for 3 years, interest compounded annually. If he got 18522 at the end of 3 years, then the rate of interest is
Answer: (b)
$(1 + r)^3$ = $18522/16000=9261/ 8000=(21/20)^3 = (1+1/20)^3$
∴ Rate of interest = $1/20$=5%
How much will be the C.I. to be paid on a principal amount of Rs. 85,000 after 3 years at the rate of 6 p.c.p.a?
Answer: (b)
Amt =$85000(1+6/100)^3=101236.36$
CI = 101236.36 – 85000 = 16236.36
Sudhanshu invested Rs. 15,000 at interest @ 10% p.a for one year. If the interest is compounded every six months what amount will Sudhanshu get at the end of the year?
Answer: (c)
Required Amount = 15000 $(1+5/100)^2$ = Rs.16537.50
What is the interest received on a principal of Rs. 450 for 2 yea if the interest received on Rs. 1 after four year at the same rate of simple interest is Rs. 0.40?
Answer: (c)
Interest on Rs.1 in 4 years = Rs.0.4
∴ Interest on Rs.100 in 4 years = Rs.40
∴ Interest on Rs.100 in 1 year = Rs.10
∴ Interest=$\text"Principal×Time×Rate"/100$
= ${450×2×10}/100$=Rs.90
The simple interest on a certain sum of money for 4 years at 4 per cent per annum exceeds the compound interest on the same sum for 3 years at 5 per cent annum by Rs. 57. Find the sum.
Answer: (c)
Let the sum be x.
Then, ${x × 4 × 4}/{100} - 57 = x [{(1+ {{5}/{100}})^3 -1}]$
or, ${4x}/{25} - 57 = x[{1261}/{8000}]$
or, x $[{4}/{25} - {1261}/{8000}]$= 57
or, x $[{1280 - 1261}/8000]$ = 57
∴ x = ${57 × 8000}/{19}$ = Rs.24000
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