Dear Readers, SBI is conducting Online preliminary Examination for the recruitment of Clerical Cadre. preliminary Examination ofSBI Clerk was scheduled from June/July. To enrich your preparation here we have providing new series of Compound Interest – Quantitative Aptitude Questions. Candidates those who are appearing in SBI Clerk Prelims Exam can practice these Quantitative Aptitude average questions daily and make your preparation effective.
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Find CI on Rs.15250 at 14% per annum for 2 years 6 months, compound annually.
Correct
Answer B
Given time = 2yrs 6 months
= 6/12 = 2 ½ yrs
Amount = P (1+R/100)^{2} (1+ (1/2R)/100)
=Rs [15250 (1+ (14/100))^{2} (1+7/100)]
=Rs [15250 (114/100)(114/100)(107/100)]
=Rs(15250 * 1.14 * 1.14 * 1.07)
=Rs.21206.223
Compound interest = Rs. (21206.223 – 15250)
=Rs.5956.223
Incorrect
Answer B
Given time = 2yrs 6 months
= 6/12 = 2 ½ yrs
Amount = P (1+R/100)^{2} (1+ (1/2R)/100)
=Rs [15250 (1+ (14/100))^{2} (1+7/100)]
=Rs [15250 (114/100)(114/100)(107/100)]
=Rs(15250 * 1.14 * 1.14 * 1.07)
=Rs.21206.223
Compound interest = Rs. (21206.223 – 15250)
=Rs.5956.223
Question 7 of 10
7. Question
Split the approximate amount of Rs. 1762 between ashok and anirudh, so that the amount of ashok after 5 years is equal to the amount of Anirudh after 7 years, the interest being compound at 5% per annum.
Correct
Answer D
Let the two parts Rs.x and Rs.(1762 – x)
X(1+5/100)^{5} = (1762 – x)(1+5/100)^{7}
x/1762 – x = (1+5/100)^{7} / (1+5/100)^{5}
x / 1762 – x = (1+5/100)^{2}
x / 1762 – x = (105/100)^{2}
x / 1762 –x = (21/20)^{2}
x / 1762 – x = 21*21/20*10 = 441/400
400x = 441(1762 – x)
400x = 777042 – 441x
841x = 777042
X = 923.9 = 924
So the 2 parts are Rs.924 and 838
Incorrect
Answer D
Let the two parts Rs.x and Rs.(1762 – x)
X(1+5/100)^{5} = (1762 – x)(1+5/100)^{7}
x/1762 – x = (1+5/100)^{7} / (1+5/100)^{5}
x / 1762 – x = (1+5/100)^{2}
x / 1762 – x = (105/100)^{2}
x / 1762 –x = (21/20)^{2}
x / 1762 – x = 21*21/20*10 = 441/400
400x = 441(1762 – x)
400x = 777042 – 441x
841x = 777042
X = 923.9 = 924
So the 2 parts are Rs.924 and 838
Question 8 of 10
8. Question
A sum of cash 4 times itself at compound interest in 20 years. In how many years will it become 16 times?
Correct
Answer A
By using given condition,
P(1+R/100)^{20} = 4P
(1+R / 100)^{20} = 4
(1+R/100)^{20} = 2^{2} ————>1
Let P (1 +R/100)^{n} = 16P
(1+R/100)^{n} = 16 = 2^{4} —————->2
Using (1)
(1+R / 100)^{n} = (1+R /100)^{40}
N=40
Thus required time = 40 years
(or)
Let us assume, the amount as 100
100 ——–> 400
(20 yr)
400 ——–> 1600
(20 yr)
16 times will be in 40 years.
Incorrect
Answer A
By using given condition,
P(1+R/100)^{20} = 4P
(1+R / 100)^{20} = 4
(1+R/100)^{20} = 2^{2} ————>1
Let P (1 +R/100)^{n} = 16P
(1+R/100)^{n} = 16 = 2^{4} —————->2
Using (1)
(1+R / 100)^{n} = (1+R /100)^{40}
N=40
Thus required time = 40 years
(or)
Let us assume, the amount as 100
100 ——–> 400
(20 yr)
400 ——–> 1600
(20 yr)
16 times will be in 40 years.
Question 9 of 10
9. Question
Renuka invested Rs.7500 at 20% per annum for 1 year. If the interest is compounded half – yearly, then the amount received by renuka at the end of the year.
Correct
Answer C
P= Rs.7500 R=20% per annum
R=10% per half year, T=1, Y = 2 half year
Amount = (1+R/100)^{n}
=7500(1+10/100)^{2}
=7500(110/100)^{2}
=7500(11/10*11/10)
=75*11*11
=Rs.9075
Incorrect
Answer C
P= Rs.7500 R=20% per annum
R=10% per half year, T=1, Y = 2 half year
Amount = (1+R/100)^{n}
=7500(1+10/100)^{2}
=7500(110/100)^{2}
=7500(11/10*11/10)
=75*11*11
=Rs.9075
Question 10 of 10
10. Question
Aruna borrows Rs.6250 from geetha at 10% CI. At the end of every year she pays Rs.1000 as part repayment. How much does she still over after 3 such installments?
Correct
Answer C
6250*(10/100) = 625
(6250+625) -1000 = 5875
5875*(10/100) = 587.5
(5875+587.5) -1000 = 5462.5
5462.5*(10/100) = 546.25
(5462.5+546.25)-1000 = 5008.75
Incorrect
Answer C
6250*(10/100) = 625
(6250+625) -1000 = 5875
5875*(10/100) = 587.5
(5875+587.5) -1000 = 5462.5
5462.5*(10/100) = 546.25
(5462.5+546.25)-1000 = 5008.75
Click “Start Quiz” to attend these Questions and view Solutions
1) Find the C.I accrued by Nandhini from a bank on Rs. 24500 in 2 years, when the rates of interest for successive years are 8%, and 10% respectively.
Rs. 3452
Rs. 2646
Rs. 1960
Rs. 4606
None of these
2) If the S.I on a sum of money for 2 years at 10% per annum is Rs. 100, what is the C.I on the same at the same rate and for the same time?
Rs. 705
Rs. 605
Rs. 405
Rs. 105
None of these
The compound interest on Rs 30000 at 7% per annum for a certain time is Rs.4347. The time is?
2 yr
2.5 yr
3 yr
4 yr
None of these
4) In what time will Rs.8000 become Rs.9261 at 5% per annum compounded annually?
3 years
5 years
7 years
9 years
10 years
A certain sum of money amounts to Rs. 31250 in 5 years at the rate of 25% p.a compounded annually. Find the Principal.
Rs. 10240
Rs. 10024
Rs. 10204
Cannot be determined
None of these
6) Find CI on Rs.15250 at 14% per annum for 2 years 6 months, compound annually.
5943.223
5956.223
5867.553
5963.553
None of these
7) Split the approximate amount of Rs. 1762 between ashok and anirudh, so that the amount of ashok after 5 years is equal to the amount of Anirudh after 7 years, the interest being compound at 5% per annum.
920,824
930,812
934,830
924,838
None of these
8) A sum of cash 4 times itself at compound interest in 20 years. In how many years will it become 16 times?
40
60
50
30
None of these
9) Renuka invested Rs.7500 at 20% per annum for 1 year. If the interest is compounded half – yearly, then the amount received by renuka at the end of the year.
9065
9055
9075
9085
9035
10) Aruna borrows Rs.6250 from geetha at 10% CI. At the end of every year she pays Rs.1000 as part repayment. How much does she still over after 3 such installments?
5004.3
5007.32
5008.75
5017.75
5020.25
Answers:
1) Answer D
For the first year:
Principal = Rs. 24500
Rate of interest = 8% and
Time = 1 year
Therefore, interest for the first year = P×R×T/100
=24500*8*1/100
=196000/100
=RS 1960
Therefore, the amount after 1 year = Principal + Interest
= Rs. 24500+1960
=Rs. 26460
For the second year, the new principal is Rs. 26460
Rate of interest = 10% and
Time = 1 year.
Therefore, the interest for the second year
=26460*10*1/100
=264600/100
=RS 2646
Therefore, the amount after 2 year = Principal + Interest
=26460+2646
=Rs. 29,106
Therefore, the compound interest accrued = Final amount – Initial principal