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Compound Interest Exercise 1

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Compound Interest 1

  • This online quiz will test your knowledge of Compound Interest in Quantitative Aptitude.
  • This Online Test is useful for academic and competitive exams.
  • Multiple answer choices are given for each question in this test. You have to choose the best option.
  • After completing the test, you can see your result.
  • There is no negative marking for wrong answers.
  • There is no specified time to complete this test.

Mahesh invests an amount of ₹8,560@ 4% p.a. for 2 years. What approximate amount of compound interest will he obtain at the end of 2 years?

Compound Interest

interest-31627.png

interest-31621.png

interest-31615.png

interest-31609.png

= 8560 × 0.0816 = ₹698.496 ≈ ₹698

What would be the compound interest obtained on an amount of ₹3,000 at the rate of 8% p.a. after 2 years?

Required Compound Interest

= interest-31602.png

= 3000interest-31596.png

= 3000interest-31590.png

= 3000interest-31584.png

= interest-31578.png

= ₹499.20

Pamela invested an amount of ₹35,000 for two year at the rate of 5% p.a. What amount of compound interest would she receive at the end of two year?

Compound interest

=interest-31572.png– 35000

= 38587.50 – 35000 = ₹3587.50

Shyam invests an amount of ₹5,690 at the rate of 5 per cent per annum for 3 years. What approximate amount of compound interest will he obtain at the end of 3 years?

Amount = Principal interest-31565.png

= 5690interest-31558.png

= 5690 × interest-31552.png

= ₹6586.90

∴ Compound interest = ₹(6586.9 – 5690)

= ₹896.9 ≈ 897

What amount of compound interest can be obtained on an amount of ₹4,500 at the rate of 4% p.a at the end of 2 years?

Compound Interest

= Principalinterest-31546.png

interest-31540.png

interest-31534.png

interest-31528.png

= 4500 × interest-31522.png= ₹367.20

What would be the compound interest accrued on an amount of ₹8,400 @ 12.5% p.a. at the end of 3 years? (rounded off to two digits after decimal)

Compound interest

interest-31443.png

= 11960.1562 – 8400

= ₹3560.1562

What would be the compound interest accrued on an amount of ₹8000 at the rate of 15% p.a. in three year?

Compound interest
= 8000(1 + ¹⁵⁄₁₀₀)³ - 8000
= interest-31767.png
= 12167 – 8000 = ₹4167

What will be the compound interest on an amount of ₹5,000 for a period of 2 year at 8% p.a?

interest-31761.png

interest-31754.png

interest-31747.png

interest-31741.png

∴ CI = ₹(5832 – 5000) = ₹832

What will ₹1000 be worth after three years if it earns interest at the rate of 5% compounded annually?

interest-32252.png;

Required amount interest-32246.png

= interest-32240.png

= ₹1000 × 1.157

= ₹1157

Zovo got a loan of ₹8,000 against his fixed deposits to purchase a scooter. If the rate of interest is 10% p.a. compounded half yearly, find the amount that he pays after one and half year.

Here, n = 2 for interest is reckoned half-yearly.

interest-32234.png

interest-32228.png

A sum of money doubles itself in 6 years at a certain rate of compound interest. In how many years will be 16 times at the same rate of interest?

P becomes 2P in 6 years at r% p.a.

interest-32195.png

interest-32189.png

interest-32183.png

∴ P becomes 16 P in 24 years

A sum of money doubles itself at compound interest in 15 years In how many years will it become eight times?

interest-32177.png ... (i)

Let interest-32171.png

interest-32165.png [using (i)]

interest-32158.png

Thus, the required time = 45 years

If a sum of money at compound interest amounts to thrice itself in 3 years, then in how many years will it be 9 times itself?

Let sum be ₹P

interest-32152.png … (i)

Now, let interest-32146.png

interest-32140.png

interest-32134.png [By (i)]

interest-32127.png

⇒ n = 6

A sum of money is borrowed and paid back in two annual instalments of ₹882 each allowing 5% compound interest. The sum borrowed was:

Principal = (Present worth of ₹882 due 1 year hence) + (Present worth of ₹882 due to 2 years hence)

interest-32121.png

interest-32115.png

Jack set up a factory by investing ₹40,000. During the first three successive years, his profits were 5%, 10% and 15 % respectively. If each year the profit was on previous years’s capital, find his total profit.

Since, each year the profit is on the previous year’s capital,

∴ it is similar to Compound profit.

∴ compound profit

interest-32042.png

interest-32036.png

= 40,000 [1.328 –1]= ₹13, 130

The least number of complete years in which a sum of money put out at 20% compound interest will be more than doubled is:

interest-31981.png

Now, interest-31974.png

So, n = 4 years

What annual payment will discharge a debt of ₹1025 due in 2 years at the rate of 5% compound interest?

Let each instalment be ₹x. Then,

(Present worth of ₹x due 1 year hence) + (Present worth of ₹x due 2 years hence) = ₹1025

interest-33032.png

interest-33026.png

interest-33020.png

So, value of each instalment = ₹551.25.

The simple interest on a sum of money for 3 years is ₹240 and the compound interest on the sum at same rate for 2 years in ₹170. The rate % p.a. is

S. I. for I year

interest-33014.png

C. I. for 2 years = ₹170 = C. I. for 1st year + C. I. for 2nd year

Now, C. I. for 2nd year = 170 – 80 = ₹90

∴ Interest on ₹80 for 1 year = 90 – 80 = ₹10

∴ Rate of interest

interest-33008.png

Now check your Result..

Your score is

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