Sawaal
89
Q:

What is the rate of interest p.c.p.a.?

I. An amount doubles itself in 5 years on simple interest.

II. Difference between the compound interest and the simple interest earned on a certain amount in 2 years is Rs. 400.

III. Simple interest earned per annum is Rs. 2000

A) I only B) II and III only
C) All I, II and III D) I only or II and III only

Answer:   D) I only or II and III only



Explanation:

I.P*R*5100=P⇔R=20

 II.P1+R1002-P-P*R*2100=400=>pR2=4000000

 III.P*R*1100=2000=>PR=200000

 PR2PR=4000000200000⇔R=20

 

Thus I only or (II and III) give answer.

 

 Correct answer is (D)

Subject: Compound Interest
Exam Prep: Bank Exams
Job Role: Bank PO
Related Questions
Q:

The effective annual rate of interest corresponding to nominal rate of 6% per annum payable half yearly is

A) 5% B) 6%
C) 7% D) 6.09%
 
Answer & Explanation Answer: D) 6.09%

Explanation:

amount=[100(1+3/100)^2]=Rs.106.09

Report Error

View Answer Report Error Discuss

Filed Under: Compound Interest
Exam Prep: Bank Exams
Job Role: Bank PO

1 4365
Q:

A sum of money lent at compound interest for 2 years at 20% per annum would fetch Rs.482 more, if the interest was payable half yearly than if it was payable annually . The sum is

A) 10000 B) 20000
C) 40000 D) 50000
 
Answer & Explanation Answer: B) 20000

Explanation:

Let sum=Rs.x

 

C.I. when compounded half yearly = x1+101004-x=464110000

 

C.I. when compounded annually =x201002-x=1125

 464110000x-1125x=482

 

=> x=20000

Report Error

View Answer Report Error Discuss

Filed Under: Compound Interest
Exam Prep: Bank Exams
Job Role: Bank PO

275 57092
Q:

Jackie deposits $325 in an account that pays 4.1% interest compounded annually. How much money will Jackie have in her account after 3 years?

A) 346.64 B) 356.64
C) 366.64 D) 376.64
 
Answer & Explanation Answer: C) 366.64

Explanation:

A=P(1+r)^t

Report Error

View Answer Report Error Discuss

Filed Under: Compound Interest
Exam Prep: Bank Exams
Job Role: Bank PO

0 4613
Q:

Simon deposits $400 in an account that pays 3% interest compounded annually. What is the balance of Simon’s account at the end of 2 years?

A) 424.36 B) 524.56
C) 545.36 D) 456.36
 
Answer & Explanation Answer: A) 424.36

Explanation:

I=Prt

 

I=12

 

Balance = P +Prt

 

412

 

Find the balance at the end of the second year.

 

I = Prt=12.36

 

Balance =P + Prt

 

424.36

Report Error

View Answer Report Error Discuss

Filed Under: Compound Interest
Exam Prep: Bank Exams
Job Role: Bank PO

0 4877
Q:

You deposit $300 in a savings account that pays 4% simple annual interest. Find your account balance after 9 months.

A) 309 B) 409
C) 609 D) 509
 
Answer & Explanation Answer: A) 309

Explanation:

A = P + Prt

Report Error

View Answer Report Error Discuss

Filed Under: Compound Interest
Exam Prep: Bank Exams
Job Role: Bank PO

5 5397
Q:

Josh borrowed $250 from his mother to buy an electric scooter. Josh will pay her back in 1 year with 3% simple annual interest. How much interest will Josh pay?

A) 7.50 B) 8.50
C) 9.50 D) 10.50
 
Answer & Explanation Answer: A) 7.50

Explanation:

I=prt/100

Report Error

View Answer Report Error Discuss

Filed Under: Compound Interest
Exam Prep: Bank Exams
Job Role: Bank PO

1 5909
Q:

At 3% annual interest compounded monthly, how long will it take to double your money?

A) 20.1 B) 21.1
C) 22.1 D) 23.1
 
Answer & Explanation Answer: D) 23.1

Explanation:

At first glance it might seem that this problem cannot be solved because we do not have enough
information. It can be solved as long as you double whatever amount you start with. If we start with
$100, then P = $100 and FV = $200.

FV=P(1+r/n)^nt

Report Error

View Answer Report Error Discuss

Filed Under: Compound Interest
Exam Prep: Bank Exams
Job Role: Bank PO

6 6444
Q:

If you deposit $8000 into an account paying 7% annual interest compounded quarterly, how long until there is $12400 in the account?

A) 2.3 B) 3.3
C) 4.3 D) 6.3
 
Answer & Explanation Answer: D) 6.3

Explanation:

 

 

FV=P(1+r/n)^nt

Report Error

View Answer Report Error Discuss

Filed Under: Compound Interest
Exam Prep: Bank Exams
Job Role: Bank PO

6 9167