• ( 1 ) A sum is invested at compounded interest payable annually. The interest in the first two successive years was Rs. 400 and Rs. 420. The sum is

    • 1) Rs. 8000
    • 2) Rs.7500
    • 3) Rs. 8500
    • 4) Rs. 8200
    • Discussion in forum
      Answer : 1) Rs. 8000
      Solution : simple Interest on Rs.400 for 1 year = 420 - 400 = 20
      Rate = 100 * SI/PT = 100 * 20/(400 * 1) = 5%
      Rs.400 is the interest on the sum for 1st year
      Hence, sum = 100 * SI/RT = 100 * 400/5 * 1 = Rs. 8000








      discussion


      Answer : 1) Rs. 8000

    • ( 2 ) Rs.100 doubled in 5 years when compounded annually. How many more years will it take to get another Rs.200 compound interest

    • 1) 3years
    • 2) 5years
    • 3) 6years
    • 4) 7years
    • Discussion in forum
      Answer : 2) 5years
      Solution : Rs.100 invested in compound interest becomes Rs.200 in 5 years.
      The amount will double again in another 5 years.
      i.e., the amount will become Rs.400 in another 5 years.
      So, to earn another Rs.200 interest, it will take another 5 years.








      discussion


      Answer : 2) 5years

    • ( 3 ) Every year an amount increases by 1/8th of itself. How much will it be after two years if its present value is Rs.64000?

    • 1) Rs.81000
    • 2) Rs.80000
    • 3) Rs.75000
    • 4) Rs.64000
    • Discussion in forum
      Answer : 1) Rs.81000
      Solution : 64000 * (9/8) * (9/8) = 81000








      discussion


      Answer : 1) Rs.81000

    • ( 4 ) Find the amount on Rs.8000 in 9 months at 20% per annum, if the interest being compounded quarterly?

    • 1) Rs.1261
    • 2) Rs.9261
    • 3) Rs.9621
    • 4) Rs.9162
    • Discussion in forum
      Answer : 2) Rs.9261
      Solution : A = 8000(21/20)3 = 9261








      discussion


      Answer : 2) Rs.9261

    • ( 5 ) A $1000 face value Series S50 compound interest Canada Savings Bond (CSB) was presented to a credit union branch for redemption.What amount did the owner receive if the redemption was requested on:January 17, 2001?

    • 1) 1206
    • 2) 1306
    • 3) 1406
    • 4) 1506
    • Discussion in forum
      Answer : 2) 1306
      Solution : I= ptr
      Therefore, the total amount the owner received on January 17, 2001 was $1295.57 + $10.47 = $1306.04








      discussion


      Answer : 2) 1306

    • ( 6 ) In what time will Rs. 1000 become Rs. 1331 at 10% per annum compounded annually?

    • 1) 1years
    • 2) 2years
    • 3) 3years
    • 4) 4years
    • Discussion in forum
      Answer : 3) 3years
      Solution : Principal = Rs. 1000
      Amount = Rs. 1331
      Rate = 10% p.a.
      Let the time be n years. Then,
      [ 1000 (1+ (10/100))n] = 1331
      or (11/10)n = (1331/1000) = (11/10)3
      n = 3 years








      discussion


      Answer : 3) 3years

    • ( 7 ) A property decreases in value every year at the rate of 6 1/4% of its value at the beginning of the year its value at the end of 3 years was Rs.21093. Find its value at the beginning of the first year?

    • 1) Rs.25600.24
    • 2) Rs.32000.50
    • 3) Rs.18060.36
    • 4) Rs.18600
    • Discussion in forum
      Answer : 1) Rs.25600.24
      Solution : 6 1/4% = 1/16
      x * (15/16) * (15/16) * (15/16) = 21093
      x = 25600.24








      discussion


      Answer : 1) Rs.25600.24

    • ( 8 ) Find the sum lend at C.I. at 5 p.c per annum will amount to Rs.441 in 2 years?

    • 1) Rs.420
    • 2) Rs.400
    • 3) Rs.375
    • 4) Rs.380
    • Discussion in forum
      Answer : 2) Rs.400
      Solution : 441 = P(21/20)2
      P = 400








      discussion


      Answer : 2) Rs.400

    • ( 9 ) A construction company borrowed Rs. 8,50,000 for 5 years at interest rate 1 ½ % p.a. How much annual interest, the company had to pay?

    • 1) Rs.63,750
    • 2) Rs. 1,27,500
    • 3) Rs.12,750
    • 4) Rs.25,000
    • Discussion in forum
      Answer : 1) Rs.63,750
      Solution : S.I = 850000 * (3/2) *100 = 4250 * 15 = Rs. 63750








      discussion


      Answer : 1) Rs.63,750

    • ( 10 ) The population of a town is 50,000. It decreases by 20 per thousand per year. Find out the population after 2 years?

    • 1) Rs. 46,000
    • 2) Rs. 46,020
    • 3) Rs. 48,000
    • 4) Rs. 48,020
    • Discussion in forum
      Answer : 4) Rs. 48,020
      Solution : Required population = Initial population (1 - r/1000)n
      = 50,000 (1 - 20/1000)2
      = 48,020








      discussion


      Answer : 4) Rs. 48,020





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