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Question 1 of 5
1. Question
Rashmi invested a sum of Rs. 1000 in a company. The company pays 10% interest per year. The company pays simple interest and the interest is added to the capital after a period of 5 years. What shall be the amount drawn by Rashmi if he withdraws his investment after 6 years?
Correct
Answer: Option (d)
Explanation:
Principal = Rs. 1000
Interest = 10%
Interest for first five years = PRT/100 = 1000 × 10 × 5/100 = Rs. 500.
This amount is reinvested after 5 years period.
So, Principal after 5 years = Rs. 1000 + Rs. 500 = Rs. 1500.
Interest for 6th year = 1500 × 10 × 1 /100 = Rs. 150.
Total amount received after 6 years = Rs. 1500 + Rs. 150 = Rs. 1650
Hence, option (d) is the correct answer.
Incorrect
Answer: Option (d)
Explanation:
Principal = Rs. 1000
Interest = 10%
Interest for first five years = PRT/100 = 1000 × 10 × 5/100 = Rs. 500.
This amount is reinvested after 5 years period.
So, Principal after 5 years = Rs. 1000 + Rs. 500 = Rs. 1500.
Interest for 6th year = 1500 × 10 × 1 /100 = Rs. 150.
Total amount received after 6 years = Rs. 1500 + Rs. 150 = Rs. 1650
Hence, option (d) is the correct answer.
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Question 2 of 5
2. Question
Two statements S1 and S2 are given below followed by a question:
S1: The difference between Compound Interest and Simple Interest at the same rate of interest for two years is Rs. 43.20. Simple Interest at the end of five years is Rs.3600.
S2: The difference between Compound Interest and Simple Interest at the same rate of interest on Rs.12000 for 3 years is Rs.132.19.
Question: What is the rate of Compound Interest per annum on a sum of money compounded annually?
Which one of the following is correct in respect of the above statements and the Question?
Correct
Answer: Option (a)
Explanation:
S1: Required rate of interest
= (Difference between CI and SI / SI in one year) × 100
= [43.20 / (3600/5)] × 100 = 60%
Hence, statement 1 alone is sufficient to answer the question.
S2: Let S (in Rs.) be the sum invested and ‘r’ be the rate of interest.
Difference between CI and SI = S × r2
132.19 = 12000 × r2
From above we can calculate value of r. Hence statement 2 alone sufficient to answer the question. Therefore Option (a) is correct answer.
Incorrect
Answer: Option (a)
Explanation:
S1: Required rate of interest
= (Difference between CI and SI / SI in one year) × 100
= [43.20 / (3600/5)] × 100 = 60%
Hence, statement 1 alone is sufficient to answer the question.
S2: Let S (in Rs.) be the sum invested and ‘r’ be the rate of interest.
Difference between CI and SI = S × r2
132.19 = 12000 × r2
From above we can calculate value of r. Hence statement 2 alone sufficient to answer the question. Therefore Option (a) is correct answer.
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Question 3 of 5
3. Question
A investment company offers its customers two schemes. Under Scheme A, it pays a simple interest at the rate of 11% p.a. whereas under scheme B it pays an interest of 10% compounded half yearly. Which scheme is better for a person who intends to invest the amount for one year only?
Correct
Answer: Option (a)
Explanation:
Let the amount invested be P.
Scheme A: Interest rate = 11% S.I.
Simple interest for one year = PRT/100 =0.11P
Scheme B: Interest rate = 10% compounded half yearly
Interest rate for six months = 10/2 = 5%
Amount after 1 year = P(1 + r/100)n = P(1+5/100)2 = P ×1.05 ×1.05 = 1.1025P
So, Compound interest for one year = 1.1025 P – P = 0.1025P
Hence, Scheme A is better for one year period.
Option (a) is the correct answer.
Incorrect
Answer: Option (a)
Explanation:
Let the amount invested be P.
Scheme A: Interest rate = 11% S.I.
Simple interest for one year = PRT/100 =0.11P
Scheme B: Interest rate = 10% compounded half yearly
Interest rate for six months = 10/2 = 5%
Amount after 1 year = P(1 + r/100)n = P(1+5/100)2 = P ×1.05 ×1.05 = 1.1025P
So, Compound interest for one year = 1.1025 P – P = 0.1025P
Hence, Scheme A is better for one year period.
Option (a) is the correct answer.
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Question 4 of 5
4. Question
Manish and Rituraj invested Rs. 12000 and Rs. 16000 in a business. After four months Manish and Rituraj both added Rs. 4000 in their initial investment. At the end of one year the total profit was Rs. 172500, if Manish and Rituraj invested their profit share on compound interest at the rate of 20% and 10% respectively then find difference between interests got by both at the end of two years?
Correct
Answer: Option (d)
Explanation:
Ratio of profit of Manish and Rituraj
= [(12000 × 4)+ (12000 + 4000) × 8] : [(16000 × 4) + (16000 + 4000)× 8]
= 17600 : 224000 = 11 : 14
Profit share of manish = 172500× 11/25 = Rs.75900
Profit share of Rituraj =172500× 14/25 = Rs. 96600
Equivalent CI of two year at the rate of 20%
= 20+20+ (20× 20)/100 = 44%
Equivalent CI of two year at 10%
=10+10+ (10×10)/100 = 21%
Required difference between interest
= (75900× 44/100) – (96600× 21/100) = Rs.13110 Hence, option (d) is the correct answer.
Incorrect
Answer: Option (d)
Explanation:
Ratio of profit of Manish and Rituraj
= [(12000 × 4)+ (12000 + 4000) × 8] : [(16000 × 4) + (16000 + 4000)× 8]
= 17600 : 224000 = 11 : 14
Profit share of manish = 172500× 11/25 = Rs.75900
Profit share of Rituraj =172500× 14/25 = Rs. 96600
Equivalent CI of two year at the rate of 20%
= 20+20+ (20× 20)/100 = 44%
Equivalent CI of two year at 10%
=10+10+ (10×10)/100 = 21%
Required difference between interest
= (75900× 44/100) – (96600× 21/100) = Rs.13110 Hence, option (d) is the correct answer.
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Question 5 of 5
5. Question
On Rs. 3500 invested at a simple interest rate of 7 per cent per annum, Rs. 735 is obtained as interest in certain years. In order to earn Rs. 1275 as interest on Rs. 5000 in the same number of years, what should be the rate of simple interest?
Correct
Answer: Option (b)
Explanation:
From the given data, 3500×7×T/100=735 (Interest =PRT/100)
=> T =735/245=3 years
Now, in the second case
The interest per year = 1275/3=425
=> 5000×1x R/100=425
=> R = 8.5%
Incorrect
Answer: Option (b)
Explanation:
From the given data, 3500×7×T/100=735 (Interest =PRT/100)
=> T =735/245=3 years
Now, in the second case
The interest per year = 1275/3=425
=> 5000×1x R/100=425
=> R = 8.5%
