Compound Interest

  1. The compound interest on Rs. 2800 for 11/2 years at 10% per annum is ?
    1. Rs. 441.35
    2. Rs. 436.75
    3. Rs. 434
    4. Rs. 420
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    ∵ Final Amount = Rs.[2800 x (1 + 10/100) x (1 +5/100)]
    = Rs. [ 2800 x 11/10 x 21/20 ]
    = Rs. 3234

    Correct Option: C

    ∵ Final Amount = Rs.[2800 x (1 + 10/100) x (1 +5/100)]
    = Rs. [ 2800 x 11/10 x 21/20 ]
    = Rs. 3234

    ∴ Required C.I. = Rs.(3234 - 2800) = Rs .434

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  1. If Rs. 7500 are borrowed at compound interest at the rate of 4% per annum, then after 2 years the amount to be paid is ?
    1. Rs. 8082
    2. Rs. 7800
    3. Rs. 8100
    4. Rs. 8112
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    Amount = Rs. 7500(1 + 4/100)2
    = Rs. 7500 x 26/25 x 26/25
    = Rs .8112

    Correct Option: D

    Amount = Rs. 7500(1 + 4/100)2
    = Rs. 7500 x 26/25 x 26/25
    = Rs .8112

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  1. The compound interest on a certain sum of money for 2 years at 10% per annum is Rs. 420. The simple interest on the same sum at the same rate and for the same time will be ?
    1. Rs. 350
    2. Rs. 375
    3. Rs. 380
    4. Rs. 400
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    Let the principal be P. Then,
    ∵ P(1 +10/100)2 - P =420
    ⇒ P(121 - 100/100) =420
    ⇒ P = Rs. 2000

    Correct Option: D

    Let the principal be P. Then,
    ∵ P(1 +10/100)2 - P =420
    ⇒ P(121 - 100/100) =420
    ⇒ P = Rs. 2000
    ∴ Requared S.I.= Rs.(2000 x 2 x 10)/100
    = Rs. 400

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  1. What will be the approximate compound interest on Rs. 101005 at 10% p.a. for 3 years ?
    1. Rs. 4500
    2. Rs. 3000
    3. Rs. 3300
    4. Rs. 3600
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    Compound interest = P {(1 + r/100)t - 1}
    = 10105 { (1 +10/100)3 - 1}

    Correct Option: C

    Compound interest = P {(1 + r/100)t - 1}
    = 10105 { (1 +10/100)3 - 1}
    =10105 {(11/10)3 - 1}
    =10105 {1331/1000 - 1}
    =10105(331/1000)
    = 3344.755
    = Rs. 3300(app.)

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  1. If the compound interest of a certain sum of money for two successive years be Rs, 225 and Rs. 238.50. What is the rate of interest per annum ?
    1. 5%
    2. 6%
    3. 71/2
    4. 10%
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    From question it is clear that the simple interest of rupees 225 for one year is 238.50 - 225.

    Correct Option: B

    From question it is clear that the simple interest of rupees 225 for one year is 238.50 - 225.
    So Rate = (simple interest x 100 )/( time x principle)
    = {(238.50 - 225) x 100}/(225 x 1) % = 6%

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