Hello and welcome to exampundit. Here is a set of Quantitative Aptitude Quiz for SBI PO 2018 Prelims exam with Timer. The following set consists Compound Interest problems.

10 Questions on Compound Interest, 10 Minutes total time.

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The following questions are created as per the recent trends and level of SBI PO Prelims 2018.

Test Name: Quantitative Aptitude Quiz for SBI PO Prelims 2018

Duration: 10 min

Level: Moderate

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Question 1 of 10

1. Question

What sum of money at compound interest will amount to Rs. 2249.52 in 3 years if the rate of interest is 3% for the first year, 4% for the second year and 5% for the third year?

Mallika deposits Rs. 20000 in a private company at the rate of 16% compound yearly; whereas Meera deposits an equal sum in Punjab national Bank at the rate of 15% compounded half yearly. If both deposit their money for 3/2 yrs only, which deposit earns better interest?

Correct

Solution: Amount after 3/2 yrs in both the cases will be 20000( 1 + 16/100)^3/2 and 20000( 1 + 7.5/100)³
Now move for inequality:
20000( 1 + 16/100)^3/2 = 20000 ( 1 + 7.5/100)³
On raising both sides to the power 2/3
(1 +16/100) = (1 +7.5/100)³
1 + 16/100 = 1 + (7.5/100)² + 2 (7.5/100)
16/100 – 15/100 = 7.5/100 *7 .5/100
1 = 7.5/100 * 7.5
1 = 56.25/100
Clearly Left hand side is greater than Right hand side. Mallika earn better than Meera.

Incorrect

Solution: Amount after 3/2 yrs in both the cases will be 20000( 1 + 16/100)^3/2 and 20000( 1 + 7.5/100)³
Now move for inequality:
20000( 1 + 16/100)^3/2 = 20000 ( 1 + 7.5/100)³
On raising both sides to the power 2/3
(1 +16/100) = (1 +7.5/100)³
1 + 16/100 = 1 + (7.5/100)² + 2 (7.5/100)
16/100 – 15/100 = 7.5/100 *7 .5/100
1 = 7.5/100 * 7.5
1 = 56.25/100
Clearly Left hand side is greater than Right hand side. Mallika earn better than Meera.

Question 3 of 10

3. Question

Divide Rs. 3903 between A and B so that A’s share at the end of 7 yrs may equal B’s share at the end of 9 yrs, compound interest being at 4%. What is the share of B?

Correct

Solution: A’s share at present= ( 1 + 4/100) ^ 7
B’s share at present= ( 1 +4/100)^9
A’s share at present/ B’s share at present= (1+ 4/100)²
= (26/25)² = 676 / 625
Dividing Rs. 3903 in the ratio 676: 625
A’s share = 676 / (676 + 625) * 3903 = Rs. 2028
B’s share= 3903 – 2028 = 1875

Incorrect

Solution: A’s share at present= ( 1 + 4/100) ^ 7
B’s share at present= ( 1 +4/100)^9
A’s share at present/ B’s share at present= (1+ 4/100)²
= (26/25)² = 676 / 625
Dividing Rs. 3903 in the ratio 676: 625
A’s share = 676 / (676 + 625) * 3903 = Rs. 2028
B’s share= 3903 – 2028 = 1875

Question 4 of 10

4. Question

A man lends Rs. 10000 in four parts. If he gets 8% on Rs. 2000, 7 and ½% on Rs. 4000 and 8 and ½% on Rs. 1400. What % must he get for the remainder if the average interest is 8.13%?

Correct

Solution: Total interest= 8.13% of 10000= Rs. 813
Remainder money= 10000 – (2000 + 4000 + 1400)
= 2600
Then, 8% of 2000 + 7.5% of 4000 + 8.5% of 1400 + x% of 2600= 813
160 + 300+ 119 + 26x= 813
X= 234/26 = 9%

Incorrect

Solution: Total interest= 8.13% of 10000= Rs. 813
Remainder money= 10000 – (2000 + 4000 + 1400)
= 2600
Then, 8% of 2000 + 7.5% of 4000 + 8.5% of 1400 + x% of 2600= 813
160 + 300+ 119 + 26x= 813
X= 234/26 = 9%

Question 5 of 10

5. Question

The rate of interest on a sum of money is 4% per annum for the first 2 yrs, 6% per annum for the next 4 yrs and 8% per annum for the period beyond 6 yrs. If the simple interest accrued by the sum for a total period of 9 yrs is Rs. 1120, what is the sum?

Suresh borrows Rs. 7000 from a bank at simple interest. After 3 yrs he paid Rs. 3000 to the bank and at the end of 5 yrs from the date of borrowing he paid Rs. 5450 to the bank to settle the account. Find the rate of interest.

Correct

Solution: Any sum that is paid back to the bank before the last installment is deduced from the principal and not from the interest.
Total interest= Interest on Rs. 7000 for 3 yrs + Interest on (Rs. 7000 – Rs. 3000) = Rs. 4000 for 2yrs
(5450+3000-7000) = 7000 * 3 * r/100 + 4000 * 2* r/100
1450 = 210r + 80r
R= 1450/290 = 5%

Incorrect

Solution: Any sum that is paid back to the bank before the last installment is deduced from the principal and not from the interest.
Total interest= Interest on Rs. 7000 for 3 yrs + Interest on (Rs. 7000 – Rs. 3000) = Rs. 4000 for 2yrs
(5450+3000-7000) = 7000 * 3 * r/100 + 4000 * 2* r/100
1450 = 210r + 80r
R= 1450/290 = 5%

Question 7 of 10

7. Question

Some amount out of Rs. 7000 was lent at 6% per annum and the remaining at 4% per annum. If the total simple interest from both the fractions in 5 yrs was Rs. 1600, find the sum lent at 6 % per annum.

Correct

Solution: x% was lent at 6% per annum
X * 6* 5/100 + (7000 –x) * 4 *5 / 100= 1600
3x/10 + 7000 – x/5 = 1600
X= 16000 – 14000 = 2000

Incorrect

Solution: x% was lent at 6% per annum
X * 6* 5/100 + (7000 –x) * 4 *5 / 100= 1600
3x/10 + 7000 – x/5 = 1600
X= 16000 – 14000 = 2000

Question 8 of 10

8. Question

If the difference between the simple interest and the compound interest on a certain sum of money for 3 yrs at 5% per annum is Rs. 122. Find the sum. What is the simple interest on the same principal at the rate of 10% for 5 yrs?

The simple interest on a certain sum of money for 4 yrs at 4% per annum exceeds the compound interest on the same sum for 3 yrs at 5% per annum by Rs. 57. Find the sum.

Correct

Solution: x * 4 * 4/100 – 57 = x [(1 + 5/100)³ – 1]
4x/25 – 57 = x (1261/8000)
X [4/25 – 1261/8000] = 57
X [1280-1261/8000] = 57
X= 57 * 8000/19
X= 24000

Incorrect

Solution: x * 4 * 4/100 – 57 = x [(1 + 5/100)³ – 1]
4x/25 – 57 = x (1261/8000)
X [4/25 – 1261/8000] = 57
X [1280-1261/8000] = 57
X= 57 * 8000/19
X= 24000

Question 10 of 10

10. Question

A man borrows Rs. 3000 at 10% compound rate of interest. At the end of each year he pays back Rs. 1000. How much amount should he pay at the end of the third yr to clear all his dues?

Correct

Solution:

Principal at the beginning of the 2nd yr=
3000(1 + 10/100) – 1000
= 3300 – 1000
= 2300
Principal at the beginning of the third yr=
2300 (1 + 10/100) – 1000
= 1530
At the end of the third yr he should pay=
1530 (1 +10/100)
= 1683

Incorrect

Solution:

Principal at the beginning of the 2nd yr=
3000(1 + 10/100) – 1000
= 3300 – 1000
= 2300
Principal at the beginning of the third yr=
2300 (1 + 10/100) – 1000
= 1530
At the end of the third yr he should pay=
1530 (1 +10/100)
= 1683