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A certain sum is interested at compound. The interest accrued in the first two years is Rs. 544 and that in the first three years is Rs. 868. Find the rate per cent.

A.

12.5%

B.

7 (1/2)%

C.

17( 1/2)%

D.

25%

Answer with explanation

Answer: Option AExplanation

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**A money-lender borrows money at 4% per annum and lends it at 6% per annum compound interest compounded half yearly and thus gains Rs. 209 in a year. The amount of money he borrows, is?**

A.

Rs. 12,000

B.

Rs. 10,000

C.

Rs. 11,500

D.

Rs. 9,500

Answer with explanation

Answer: Option BExplanation

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A sum at R% compound interest doubles in 3 years. In 9 years it will be k times of the original principal. What is the value of k?

A.

9

B.

8

C.

6

D.

7

Answer with explanation

Answer: Option BExplanation

A = P[1+ r/100]^n

A == 2P in 3 years

2P = P[1 + r/100]^3 [dividing by ‘p’ both LHS and RHS]

2 = [1 + r/100]^3 …….(i)

kP = P[1 + r/100]^9

k = [1 + r/100]^9 ……(ii)

On cubing the eq. (i)

2^3 = { [1 + r/100]^3}^3

8 = [1 + r/100]^9 …..(iii)

COMPARING eq.(ii) & eq.(iii)

k = 8

Hence, 8 times

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**A bank offers 5% compound interest calculated on half-yearly basis. A customer deposits Rs. 1600 each on 1 ^{st} January and 1^{st} July of a year. At the end of the year, the amount he would have gained by way of interest is?**

A.

Rs. 120

B.

Rs. 121

C.

Rs. 123

D.

Rs. 125

Answer with explanation

Answer: Option BExplanation

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**Rs. 12200 was partly invested in Scheme A at 10% p.a. compound interest (compounded annually) for 2 years and partly in Scheme B at 10% p.a. simple interest for 4 years. Both the schemes give equal interests. How much was invested in Scheme A ?**

A.

Rs. 9000

B.

Rs. 7500

C.

Rs. 8000

D.

Rs. 6050

Answer with explanation

Answer: Option CExplanation

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A.

B.

13 456 123

C.

9 653 129

D.

4 448 423

Answer with explanation

Answer: Option DExplanation

Use the annual formula above again here.

So now we have 1 000 000*((1+(10%)))^(150)=4 448 423.

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