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Quant – Compound Interest – Set 6
Read the following instructions carefully
- The test contains 10 questions.
- Each question has 4 options, of which only one is correct.
- You have to finish the test in 8 minutes.
- You are awarded 1 mark for each correct answer, and 0.25 marks are deducted for each wrong answer.
- There is no negative marking for questions you do not attempt.
- You may pause the test at any time and resume where you left off.
- Your marks, the correct answers and an explanation for every question are shown as soon as you submit.
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Review this set's questions and answers (opens after you submit the test)
This free practice set from AndamanJobs has 10 questions to be solved in 8 minutes. Every question is listed below with four options. Open Show answer and explanation under a question to see the correct option and why it is correct. Try the timed test above first, then use this list to revise the questions you got wrong.
- If the amount is 3 3/8 times the sum after 3 years at compound interest compounded annually, then the rate of interest per annum is:
- A. 50%
- B. 16 2/3 %
- C. 25%
- D. 33 1/3 %
Show answer and explanation
Answer: A. 50%
(1 + r)³ = 27/8, so 1 + r = 3/2 and r = 50%.
- An amount of money appreciates to Rs. 7,000 after 4 years and to Rs. 10,000 after 8 years at a certain compound interest compounded annually. The initial amount of money was :
- A. Rs. 4900
- B. Rs. 4300
- C. Rs. 4100
- D. Rs. 4700
Show answer and explanation
Answer: A. Rs. 4900
(1 + r)⁴ = 10,000 / 7,000 = 10/7. Initial amount = 7,000 / (10/7) = Rs 4,900.
- The compound interest on a sum of money for 2 years is Rs. 615 and the simple interest for the same period is Rs. 600. Find the principal.
- A. Rs. 9,500
- B. Rs. 8,000
- C. Rs. 6,000
- D. Rs. 6,500
Show answer and explanation
Answer: C. Rs. 6,000
CI - SI = 15 = (SI for 1 year) × r = 300 × r, so r = 5%. Principal = 300 / 0.05 = Rs 6,000.
- The compound interest on a certain sum of money for 2 years at 5% per annum is Rs. 410. The simple interest on the same sum at the same rate and for the same time is :
- A. Rs. 300
- B. Rs. 350
- C. Rs. 405
- D. Rs. 400
Show answer and explanation
Answer: D. Rs. 400
CI for 2 years at 5% = 10.25% of the sum = 410, so the sum = 4,000. SI = 10% = Rs 400.
- On what sum of money will the difference between S.I and C.I for 2 years at 5% per annum be equal to Rs. 25:
- A. Rs. 10,500
- B. Rs. 9,000
- C. Rs. 10,000
- D. Rs. 9,500
Show answer and explanation
Answer: C. Rs. 10,000
Difference = P × 0.0025 = 25, so P = Rs 10,000.
- A sum of Rs. 210 was taken as a loan. This is to be paid back in two equal installments.If the rate of interest be 10% compounded annually, then the value of each installment is :
- A. Rs. 127
- B. Rs. 210
- C. Rs. 225
- D. Rs. 121
Show answer and explanation
Answer: D. Rs. 121
x/1.1 + x/1.21 = 210, so x × 1.7355 = 210 and x = Rs 121.
- A sum of money placed at compound interest doubles itself in 5 years. In what time it will amount to eight times itself at the same rate of interest :
- A. 15 years
- B. 10 years
- C. 20 years
- D. 12 years
Show answer and explanation
Answer: A. 15 years
Doubling takes 5 years, so 8 times (2³) takes 15 years.
- On what sum of money will the difference between simple interest and compound interest for 2 years at 5% per annum be equal to Rs. 63 :
- A. 23200
- B. 25200
- C. 29200
- D. 31200
Show answer and explanation
Answer: B. 25200
Difference = P × 0.0025 = 63, so P = Rs 25,200.
- At what rate of percent of compound interest on ₹10,000 amounts to become Rs. 13,310 in 3 years is :
- A. 12%
- B. 13%
- C. 10%
- D. 11%
Show answer and explanation
Answer: C. 10%
13,310 / 10,000 = 1.331 = (1.1)³, so the rate is 10%.
- What is the amount on Rs 2000 after 3 years at 10% per annum compound interest?
- A. Rs 3460
- B. Rs 1864
- C. Rs 3194
- D. Rs 2662
Show answer and explanation
Answer: D. Rs 2662
Amount = 2000 × (110/100)³ = Rs 2662.