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Quant – Compound Interest – Set 9
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.
- You can take this test as many times as you like. A fresh set is drawn each time you reload the page.
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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.
- The population of a village is 100,000 and it grows by 25% every year. What will be its population after 2 years?
- A. 157,250
- B. 156,250
- C. 158,250
- D. 159,250
Show answer and explanation
Answer: B. 156,250
100,000 × (125/100)² = 156,250.
- A machine bought for Rs 20,000 depreciates by 20% every year. What is its value after 2 years?
- A. Rs 11,520
- B. Rs 14,080
- C. Rs 12,800
- D. Rs 8960
Show answer and explanation
Answer: C. Rs 12,800
Value = 20,000 × (80/100)² = Rs 12,800.
- A sum becomes Rs 8820 in 2 years and Rs 9261 in 3 years at compound interest. Find the rate per annum.
- A. 5%
- B. 9%
- C. 7%
- D. 1%
Show answer and explanation
Answer: A. 5%
Interest in the 3rd year = 9261 - 8820 = 441 on 8820. Rate = 441/8820 × 100 = 5%.
- Find the compound interest on Rs 10,000 for 2 years at 5% per annum, compounded annually.
- A. Rs 1229
- B. Rs 821
- C. Rs 1025
- D. Rs 1032
Show answer and explanation
Answer: C. Rs 1025
Amount = 10,000 × (105/100)² = 11,025. CI = 11,025 - 10,000 = Rs 1025.
- Find the difference between compound interest and simple interest on Rs 8000 for 2 years at 5% per annum.
- A. Rs 20
- B. Rs 18
- C. Rs 26
- D. Rs 14
Show answer and explanation
Answer: A. Rs 20
For 2 years, CI - SI = P × (R/100)² = 8000 × (5/100)² = Rs 20.
- The difference between the compound interest and the simple interest on a sum for 2 years at 20% per annum is Rs 160. Find the sum.
- A. Rs 5200
- B. Rs 3600
- C. Rs 2800
- D. Rs 4000
Show answer and explanation
Answer: D. Rs 4000
CI - SI = P × (R/100)², so P = 160 × 10,000 / 400 = Rs 4000.
- A sum of money doubles itself in 3 years at compound interest. In how many years will it become 16 times itself?
- A. 12 years
- B. 9 years
- C. 6 years
- D. 15 years
Show answer and explanation
Answer: A. 12 years
It doubles every 3 years. 16 times = 2^4, so it takes 4 × 3 = 12 years.
- Find the compound interest on Rs 20,000 for 1 year at 12% per annum, compounded half-yearly.
- A. Rs 1978
- B. Rs 2472
- C. Rs 2966
- D. Rs 2719
Show answer and explanation
Answer: B. Rs 2472
Rate per half-year = 6% for 2 periods. Amount = 20,000 × (212/200)² = 22,472. CI = Rs 2472.
- The population of a village is 80,000 and it grows by 5% every year. What will be its population after 2 years?
- A. 85,200
- B. 90,200
- C. 87,200
- D. 88,200
Show answer and explanation
Answer: D. 88,200
80,000 × (105/100)² = 88,200.
- A machine bought for Rs 10,000 depreciates by 10% every year. What is its value after 2 years?
- A. Rs 8100
- B. Rs 6480
- C. Rs 8910
- D. Rs 9720
Show answer and explanation
Answer: A. Rs 8100
Value = 10,000 × (90/100)² = Rs 8100.