What will be the amount received on 3000 for 2 years given at the simple rate of interest 11% per annum?

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In how many years will a sum of Rs. 3000 yield a simple interest of Rs. 1080 at 12% per annum?

1. 2
2. 7/2
3. 3
4. 5/2
5. None of these

Answer (Detailed Solution Below)

Option 3 : 3

Given:

Simple interest(SI) = Rs. 1080

Rate = 12%

Principal = Rs. 3000

Formula used:

Simple interest(SI) = [Principal(P) × Rate × Time] / 100

Calculation:

1080 = (3000 × 12 × Time)/100

⇒ Time = 108/36

⇒ Time = 3 years

∴ The required time is 3 years.

Let's discuss the concepts related to Interest and Simple Interest. Explore more from Quantitative Aptitude here. Learn now!

The compound interest on Rs. 3000 at 10% p.a. payable annually for a period of 2 year and 4 month will be:

1. Rs. 821
2. Rs. 831
3. Rs. 771
4. Rs. 751

Answer (Detailed Solution Below)

Option 4 : Rs. 751

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CT 1: Growth and Development - 1

10 Questions 10 Marks 10 Mins

Given:

Principal = Rs. 3000

Rate = 10% per annum

Time = 2 years and 4 months

⇒ Time = 28 months

Formula Used:

C.I = P[{1 + (R/100)}T - 1]

Where,

C.I = Compound interest

R = Rate of interest

T = Time duration

Calculation:

According to the question, we have

C.I = 3000[{1 + (10/100)}2 - 1]

⇒ 3000{(11/100)2 - 1}

⇒ 3000 × (11/10) × (11/10) - 3000

⇒ 3630 - 3000

⇒ Rs. 630

Amount = Principal + C.I

⇒ 3000 + 630

⇒ Rs. 3630

Now, the C.I of last 4 month

3630 × (10/100) × (4/12)

⇒ Rs. 121

Total C.I = C.I of 2 years + C.I of 4months

⇒ 630 + 121

⇒ Rs. 751

∴ The compound interest is Rs. 751.

Alternate Method

Calculation:

Rate = 10% = 1/10

Principal = Rs. 3000 

Tree Method:

According to the question, we have

⇒ C.I = 630 + 363 × (1/3)

⇒ C.I = 630 + 121

⇒ C.I = Rs. 751

∴ The compound interest is Rs. 751.

Last updated on Sep 22, 2022

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Let's discuss the concepts related to Interest and Compound Interest. Explore more from Quantitative Aptitude here. Learn now!

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