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Compound Interest Test 186
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Compound Interest Test 186

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  • Question 1/5
    1 / -0.25
    Praveen has taken a certain amount as loan at 3% per annum compounded annually and immediately lent it to his friend at 5% compounded half yearly. At the end of year he gets a profit of Rs 330. How much amount Praveen had taken as loan?
    Solutions
    Ans. A
    Let loan taken by Praveen = Rs 100
    Profit earned will be = 100[(1 + 2.5/100)2 - (1 + 3/100)]
    = 100[(1.025)2 - (1.03)]
    = 100[1.050625 - 1.03]
    = 2.0625 Rs
    When difference in profit is Rs 2.0625, loan is Rs 100
    When actual profit is Rs 330, actual loan will be = [100/2.0625]*330 = Rs 16000
  • Question 2/5
    1 / -0.25
    The simple interest accrued on an amount of Rs. 37,500 at the end of three years is Rs. 9000. What would be the approximate compound interest accrued on the same amount at the same rate in the same period?
    Solutions

     Principle value = Rs. 37500, Time = 3 years

    So ATQ,
    9000 =      r = 8%

    So,
    CI     = Rs. 9739.20

    Alternatively CI can be calculated as

    37500

    3000

    3000 240

    3000 240 240 19.2

    So, CI = 3000+ 3000+ 3000+ 240 + 240 + 240 + 19.2 = 9739.20

  • Question 3/5
    1 / -0.25
    The compound interest accrued in two years on a principal of ₹15,800 is ₹7716.72. What is the rate of interest pcpa?
    Solutions
    Amount =
    or,



    Taking square root of both the sides,


    or,
  • Question 4/5
    1 / -0.25
    Arun invested Rs. ‘x’ in a scheme offering 18% simple interest for three years whereas Varun invested Rs. ‘2x – 3000’ in another scheme offering 10% compound interest for three years. Find the value of ‘x’ if the interest earned by Arun is Rs. 261 more than the interest earned by Varun.
    Solutions
    Interest earned by Arun =
    Interest earned by Varun =
    According to the question,
    =
    =
    =
    So, the value of x = 6000
    So option (d) is the correct answer.
  • Question 5/5
    1 / -0.25
    Tina invested Rs. 25000 in two fixed deposits X and Y offering compound interest at 6% per annum and 8% per annum, respectively. If the total amount of interest accrued in two years through both fixed deposits is Rs. 3518, what is the amount invested in scheme X?
    Solutions
    Let Rs. P and Rs. (25000 – P) be the amounts that are invested in fixed deposits X and Y offering 6% and 8% return respectively
    Since the total amount of interest accrued in two years through both fixed deposits is Rs. 3518
    ∴Amount (A) = Principle (P) + Interest (I) = 25000 +3518 = Rs. 28518
    Since, , Where r = Rate of interest and n = number of years

    ⇒ [P (1.06)2 + (25000 – P) (1.08)2] = 28518
    ⇒ [P (1.1236) + (25000 –P) (1.1664)] = 28518
    ⇒ 29160 – 0.0428P = 28518
    ∴ P = 15000
    ∴ The amount invested in scheme X is Rs. 15000
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