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Reena took a loan of Rs. 1200 with simple interest for as many years as the rate of interest. If she paid Rs. 432 as interest at the end of the loan period, what was the rate of interest?

A.

3.6

B.

6

C.

18

D.

Cannot be determined

Answer with explanation

Answer: Option BExplanation

Then, [(1200×R×R)/100)]=432

→ 12R^{2}=432

→ R^{2}=36

→R=6

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An amount of $1,500 is invested for 5 years at the rates of 2% for the first two years, 5% for the third year and 6% for the fourth and fifth years all compounded continuously. What is the total amount at the end of the 5 years?

A.

$1850.51

B.

$1830.26

C.

$1930.56

D.

$200.32

Answer with explanation

Answer: Option AExplanation

A = P e ^{r t}

End of first two years: A_{ 1} = 1500 e^{ 0.02 × 2}

End of third year: A_{ 2} = A_{ 1} e^{ 0.05 × 1}

End of fifth year (last two years): A_{ 3} = A_{ 2} e^{ 0.06 × 2} = 1500 e^{ 0.02 × 2 + 0.05 × 1 + 0.06 × 2} = $1850.51

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A sum of money is invested at compound interest compounded annually. The interests in two successive years were Rs. 150 and Rs. 168. Then the rate percent was

A.

6%

B.

5%

C.

3%

D.

None of these

Answer with explanation

Answer: Option CExplanation

**Explanation:** R= (168-150)150 =12%

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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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