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Albert invested an amount of Rs. 8000 in a fixed deposit scheme for 2 years at compound interest rate 5 p.c.p.a. How much amount will Albert get on maturity of the fixed deposit

A.

Rs.8820

B.

Rs.8620

C.

Rs.8520

D.

Rs.8320

Answer with explanation

Answer: Option AExplanation

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Rs.100 doubled in 5 years when compounded annually. How many more years will it take to get another Rs.200 compound interest

A.

3years

B.

5years

C.

6years

D.

7years

Answer with explanation

Answer: Option BExplanation

Rs.100 invested in compound interest becomes Rs.200 in 5 years.

The amount will double again in another 5 years.

i.e., the amount will become Rs.400 in another 5 years.

So, to earn another Rs.200 interest, it will take another 5 years.

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The difference between simple and compound interest compounded annually on a certain sum of money for 2 years at 4% per annum is re.1. the sum is

A.

625

B.

630

C.

640

D.

650

Answer with explanation

Answer: Option AExplanation

sum=Rs.x

C.I=[x(1+4/100)^2-x]=(676/625x-x)=51/625

S.I=(x*4*2)/100=2x/25

x=625

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A man invests Rs.5000 for 3 years at 5% p.a. compound interest reckoned yearly. Income tax at the rate of 20% on the interest earned is deducted at the end of each year. Find the amount at the end of the third year

A.

Rs.5624.32

B.

Rs.5423

C.

Rs.5634

D.

Rs.5976

Answer with explanation

Answer: Option AExplanation

5% is the rate of interest. 20% of the interest amount is paid as tax.

i.e 80% of the interest amount stays back.

if we compute the rate of interest as 80% of 5% = 4% p.a., we will get the same value.

The interest accrued for 3 years in compound interest = 3 x simple interest on principal + 3 x interest on simple interest + 1 x interest on interest on interest.

= 3 x (200) + 3 x (8) + 1 x 0.32 =600 + 24 + 0.32 = 624.32

The amount at the end of 3 years = 5000 + 624.32 = 5624.32

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A certain sum amounts to Rs.7350 in 2 years and to Rs.8575 in 3 years.find the sum and rate percent

A.

3400

B.

4400

C.

5400

D.

6400

Answer with explanation

Answer: Option CExplanation

Interest for 1 year is the same whether it’s simple interest or the compound interest.

Now interest of third year = 8575 – 7350 = 1225; means principal for this interest is 7350 if comound interest is takenIf 7350 is the principal interest = 1225

if 100 is the principal interest =(1225/7350) * 100 = 50/3 %

When a thing increases for two successive times the overall increase on initial amount = a + b + (a * b)/100

Therefore overall interest for two years = 50/3 + 50/3 + [(50/3)*(50/3)]/100 = 325/9 %

Therefore amount after 2 years = 100 + 325/9 = 1225/9

If 1225/9 is the amount principal =100

if 7350 is the amount principal =(900/1225)*7350 =5400

So sum = 5400; Rate = 50/3 %

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The compound interest on rs.30000 at 7% per annum is Rs.4347. The period is

A.

2 years

B.

2.5 years

C.

3 years

D.

4 year

Answer with explanation

Answer: Option AExplanation

Amount = Rs.(30000+4347) = Rs.34347

let the time be n years

Then,30000(1+7/100)^n = 34347

(107/100)^n = 34347/30000 = 11449/10000 = (107/100)^2

n = 2years

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If a sum on compound interest becomes three times in 4 years, then with the same interest rate, the sum will become 81 times in:

A.

12 years

B.

18 years

C.

16 years

D.

14 years

Answer with explanation

Answer: Option CExplanation

Let the sum be P

The sum P becomes 3P in 4 years on compound interest

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On a sum of money, the simple interest for 2 years is Rs. 320, while the compound interest is Rs. 340, the rate of interest being the same in both the cases. The rate of interest is

A.

15%

B.

14.25%

C.

12.5%

D.

10.5%

Answer with explanation

Answer: Option CExplanation

Simple interest for 2 years is Rs. 320

=> Simple interest for first year = 320/2 = 160

=> Similarly, simple interest for second year is also 160

Compound Interest for first year = 160

Compound Interest for second year = 340-160 = 180

we can see that compound Interest for second year is more than

simple interest for second year by 180-160 = 20

i.e., Rs.20 is the simple interest on Rs.160 for 1 year

R=100×SIPT=100×20160×1=12.5%R=100×SIPT=100×20160×1=12.5%

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A.

Rs. 10000

B.

Rs. 8000

C.

Rs. 12000

D.

Rs. 14000

Answer with explanation

Answer: Option AExplanation

Let the investment in scheme A be Rs.x

Then the investment in scheme = Rs.(15000-x)

x/10000=1=>x=10000

i.e, Amount invested in Scheme A = Rs. 10000

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