model 1 basic compound interest using formula Practice Questions Answers Test with Solutions & More Shortcuts
compound interest PRACTICE TEST [6 - EXERCISES]
model 1 basic compound interest using formula
model 2 at ci sum becomes ‘n’ times after ‘t’ years
model 3 combination of si & ci
model 4 difference in ci & si
model 5 ci with instalments
model 6 comparing sum in different years
Question : 6 [SSC Sub-Inspector 2012]
The compound interest on Rs.30,000 at 7% per annum for a certain time is Rs.4,347. The time is
a) 2.5 years
b) 3 years
c) 2 years
d) 4 years
Answer »Answer: (c)
Using Rule 1,
A = P$(1 + R/100)^T$
30000 + 4347 = $30000(1 + 7/100)^T$
$34347/30000 = (107/100)^T$
$11449/10000 = (107/100)^2 = (107/100)^T$
Time = 2 years
Question : 7 [SSC CGL Prelim 2008]
A certain sum amounts to Rs.5,832 in 2 years at 8% per annum compound interest, the sum is
a) Rs.5,400
b) Rs.5,000
c) Rs.5,280
d) Rs.5,200
Answer »Answer: (b)
Using Rule 1,
5832 = P$(1 + 8/100)^2$
5832 = P$(1 + 2/25)^2$
5832 = P $× 27/25 × 27/25$
P = ${5832 × 25 × 25}/{27 × 27}$ = Rs.5000
Question : 8 [SSC CPO S.I.2007]
The compound interest on Rs.8,000 at 15% per annum for 2 years 4 months, compounded annually is:
a) Rs.3100
b) Rs.2980
c) Rs.3109
d) Rs.3091
Answer »Answer: (c)
Using Rule 1,
Amount = P$(1 + R/100)^t$
= 8000$(1 + 15/100)^{2{1}/3}$
= 8000$(1 + 3/20)^2(1 + 3/{20 × 3})$
= $8000 × 23/20 × 23/20 × 21/20$ = Rs.11109
Compound Interest
= Rs.(11109 - 8000) = Rs.3109.
Question : 9 [SSC CPO S.I.2008]
The compound interest on Rs.6,000 at 10% per annum for 1$1/2$ years, when the interest being compounded annually, is
a) Rs.900
b) Rs.910
c) Rs.930
d) Rs.870
Answer »Answer: (c)
Amount = 6000$(1 + 10/100) × (1 + {{1/2} × 10}/100)$
= $6000 × 11/10 × 21/20$ = Rs.6930
Using Rule 4,If the time is in fractional form i.e.,t = nF, thenA = P$(1 + r/100)^n(1 + {rF}/100)$e.g. t =3$5/7$ yrs, thenA = P$(1 + r/100)^3(1 + r/100 × 5/7)$
Here, t = nF
A = P$(1 + r/100)^n(1 + {rF}/100)$
CI = Rs.(6930 - 6000) = Rs.930
Question : 10 [SSC CISF ASI 2010]
A sum becomes Rs.1,352 in 2 years at 4% per annum compound interest. The sum is
a) Rs.1,250
b) Rs.1,225
c) Rs.1,245
d) Rs.1,270
Answer »Answer: (a)
Using Rule 1,
Let the sum be Rs.x.
1352 = $x(1 + 4/100)^2$
1352 = $x(1 + 1/25)^2$
$1352 = x(26/25)^2$
$x = {1352 × 25 × 25}/{26 × 26}$ = Rs.1250
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model 1 basic compound interest using formula
Defination & Shortcuts … -
model 2 at ci sum becomes ‘n’ times after ‘t’ years
Defination & Shortcuts … -
model 3 combination of si & ci
Defination & Shortcuts … -
model 4 difference in ci & si
Defination & Shortcuts … -
model 5 ci with instalments
Defination & Shortcuts … -
model 6 comparing sum in different years
Defination & Shortcuts …
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