Hello and welcome to exampundit. Here is a set of Quantitative Aptitude Quiz on Compound Interest for Prelims exam of SBI Clerk 2018.
1.What is CI on Rs. 7500 for 4 years if the rate of interest is 10% p.a. for the first 2 years and 2 % p.a. for the next 2 years?
1) 5273
2)5568
3)5896
4) 5984
5) none of these
[su_spoiler title="Answer & Solutions" style="fancy" icon="arrow-circle-1"]
Option: 2
Explanation: 7500 [ 1 + 10/100]^2 [ 1 + 20/100]^2
= 5568
[/su_spoiler]
2. If the compound interest on a certain sum for 2 years at 3% per annum is Rs. 101.50, then the simple interst on the same sum at the same rate and for the same time will be?
1) Rs. 90
2) Rs. 95.50
3) Rs. 100
4) Rs. 150
5) none of these
[su_spoiler title="Answer & Solutions" style="fancy" icon="arrow-circle-1"]
Option: 3
Explanation: 101.50= P [ 1 + 3/100]^2 – 1
101.50/ P = 609/10000
P = 1015000/609
Simple interest =( 1015000 / 609 * 3 * 2) / 100
= 100
[/su_spoiler]
3. An amount of money at compound interest grows up to Rs. 3840 in 4 years and up to Rs. 3936 in 5 years. Find the rate of interest.
1) 2.5
2) 2.25
3) 2.75
4) 4.5
5) none of these
[su_spoiler title="Answer & Solutions" style="fancy" icon="arrow-circle-1"]
Option: 1
Explanation: Amount in 5 years = 3936 Amount of 4 years= 3840
Interest = 3936 -3840 = 96
Rate of interest = 96/3840 * 100 = 2.5
[/su_spoiler]
4. The difference between the simple interest and compound interest on a certain sum of money for 2 years at 4% per annum is Rs. 4. Find the sum.
1) Rs. 2500
2) Rs. 3000
3) Rs. 3500
4) Rs. 4000
5) none of these
[su_spoiler title="Answer & Solutions" style="fancy" icon="arrow-circle-1"]
Option: 1
Explanation: Diff of two interest in 2 years = Rate^2 * Principle /( 100)^2
4 = ( 4^2 * P) / 100 * 100
; P = 4 * 100 *100 / 16 = 2500
[/su_spoiler]
5. If the rate of interest be 4% per annum for first year, 5% per annum for second year, 6% per annum for third year, then the compound interest of Rs. 10000 for 3 years will be?
1) Rs. 1575.20
2) Rs. 1500
3) Rs. 1650.50
4) Rs. 1750.50
5) none of these
[su_spoiler title="Answer & Solutions" style="fancy" icon="arrow-circle-1"]
Option: 1
Explanation: Compound interest in 3 years = 10000 [1 + 4/100] [1 + 5/100] [1+ 6/100]
= 10000 * 26/25 * 21/20 * 106/100
= 1575.20
[/su_spoiler]
6. The simple interest accrued on an amount of Rs. 20000 at the end of 3 years is Rs. 7200. What would be the compound interest accrued on the same amount at the same rate in the same period?
1) 8095.50
2) 8098.56
3) 8098.50
4) 8095.56
5) none of these
[su_spoiler title="Answer & Solutions" style="fancy" icon="arrow-circle-1"]
Option: 2
Explanation: Rate= (7200 * 100) / (20000 * 3) = 12
Compound interest = 20000 [1 + 12/100] ^3 – 1
= 20000 * 6327/15625 = 8098.56
[/su_spoiler]
7. The production of rice grows at 8% p.a. What will be its production for the year 2012, if its production in 2010 was 70 lakhs tones?
1) 81.648 lakhs tones
2) 82.648 lakhs tones
3) 80.648 lakhs tones
4) 82.648 lakhs tones
5) none of these
[su_spoiler title="Answer & Solutions" style="fancy" icon="arrow-circle-1"]
Option: 1
Explanation: Compound interest = 7000000 [ 1 + 8/100 ] ^2
= 81.648
[/su_spoiler]
8. The compound interest on a certain sum of money for 2 years is Rs. 164 where as the simple interest for 3 years at the same rate is Rs. 240 on the same sum, find the sum.
1) 1500
2) 1400
3) 1600
4) 1800
5) none of these
[su_spoiler title="Answer & Solutions" style="fancy" icon="arrow-circle-1"]
Option: 3
Explanation: Simple interest in 3 years – 240
Simple interest in 2 years—240 * 2 / 3 = 160
160 = P R * 2 / 100
PR= 8000
(164 – 160) = P ( R/100) ^2
P= 1600
[/su_spoiler]
9. If the compound interest on a certain sum of money for 3 years at 5% p.a. is Rs. 504.40, find the corresponding simple interest.
1) 480
2) 450
3) 478.50
4) 485.50
5) none of these
[su_spoiler title="Answer & Solutions" style="fancy" icon="arrow-circle-1"]
Option: 1
Explanation: 504.40 = P [ 1 + 5/100] ^3 – 1
P = 3200
Simple interest =( 3200 * 5 * 3) /100 = 480
[/su_spoiler]
10. If the compound interest on a certain sum for 3 years at 5% p.a. exceeds the simple interest on the same sum and for the same time and at the same rate by Rs. 183, find the sum.
1) 14000
2) 24000
3) 26000
4) 28000
5) none of these
[su_spoiler title="Answer & Solutions" style="fancy" icon="arrow-circle-1"]
Option: 2
Explanation: Diff in two interest in 3 years = R^2 P [300 + R] / 100 * 100* 100
P= 24000
[/su_spoiler]
Regards
Team Exampundit