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 : 16 [SSC CPO S.I.2008]
In what time Rs.8,000 will amount to Rs.9,261 at 10% per annum compound interest, when the interest is compounded half yearly ?
a) 2 years
b) 3$1/2$ years
c) 2$1/2$ years
d) 1$1/2$ years
Answer »Answer: (d)
Using Rule 1 and 2,
Interest is compounded half yearly.
Rate of interest = 5%
Time = $n/2$ years (let)
or n half-years
A = P$(1 + R/100)^T$
9261 = 8000$(1 + 5/100)^n$
$9261/8000 = (21/20)^n$
$(21/20)^3 = (21/20)^n$
n = 3 half years
= $3/2$ years = $1{1}/2$ years
Question : 17 [SSC Sub-Inspector 2012]
A principal of Rs.10,000, after 2 years compounded annually, the rate of interest being 10% per annum during the first year and 12% per annum during the second year (in rupees) will amount to :
a) Rs.11,320
b) Rs.12,000
c) Rs.12,500
d) Rs.12,320
Answer »Answer: (d)
Using Rule 3,
A = P$(1 + r_1/100)(1 + r_2/100)$
= 10000$(1 + 10/100)(1 + 12/100)$
= 10000 × $11/10 × 28/25$ = Rs.12320
Question : 18 [SSC CGL Tier-I 2012]
The sum of money that yields a compound interest of Rs.420 during the second year at 5% p.a is
a) Rs.21,000
b) Rs.4,000
c) Rs.8,000
d) Rs.42,000
Answer »Answer: (c)
Using Rule 1,
CI = P$[(1 + R/100)^T –1] - {PR}/100$
420 = P$[(1 + 5/100)^2 - 1] - {P × 5}/100$
420 = P$[(21/20)^2 - 1] - {5P}/100$
420 = ${41P}/400 - {5P}/100 = {21P}/400$
P = ${420 × 400}/21$ = Rs.8000
Question : 19 [SSC Investigator 2010]
An amount of Rs.6,000 lent at 5% per annum compound interest for 2 years will become
a) Rs.6,615
b) Rs.600
c) Rs.6,610
d) Rs.6,600
Answer »Answer: (a)
Using Rule 1,
A = P$(1 + R/100)^T$
= 6000$(1 + 5/100)^2$
= 6000 × $21/20 × 21/20$ = Rs.6615
Question : 20 [SSC CGL Prelim 2007]
The compound interest on Rs.2000 in 2 years if the rate of interest is 4% per annum for the first year and 3% per annum for the second year, will be
a) Rs.143.40
b) Rs.142.40
c) Rs.141.40
d) Rs.140.40
Answer »Answer: (b)
Using Rule 3,
Amount = $2000(1 + 4/100)(1 + 3/100)$
= 2000 ×1.04 ×1.03 = Rs.2142.40
CI = Rs.(2142.40 - 2000) = Rs.142.40
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model 1 basic compound interest using formula Shortcuts »
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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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