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Find the amount on Rs. 1500 for 12 months at 12% per annum, compounded quarterly.
1. Rs. 1688.26
2. Rs. 1566.78
3. Rs. 1455.67
4. Rs. 1788.67
Correct Answer - Option 1 : Rs. 1688.26GivenPrincipal = Rs. 1500, Time = 12 months and Rate = 12% per annumFormula usedA = P(1 + r/100)t Where A, P, r and t represents amount, principal, rate and time respectivelyConceptWhen compound quarterly is given, then time is multiply by four and rate is diviRead more
Correct Answer – Option 1 : Rs. 1688.26
Given
Principal = Rs. 1500, Time = 12 months and Rate = 12% per annum
Formula used
A = P(1 + r/100)t
Where A, P, r and t represents amount, principal, rate and time respectively
Concept
When compound quarterly is given, then time is multiply by four and rate is divided by four.
Calculation
Rate = 12%/4 = 3% per annum
Time = 12 months or 1 year
⇒ 1 × 4
⇒ 4
A = P(1 + r/100)t
⇒ A = 1500(1 + 3/100)4
⇒ A = 1500(103/100)4
⇒ A = Rs. 1688.26
∴ The amount is Rs. 1688.26.
See lessA loan of 10,000 was given to Aman for 3 years at 10% for the 1st year, 15% for the rest of 2 years. Find the amount Aman will have to pay. (Interest is compounded annually)
1. 14357.5
2. 13456.6
3. 14557.5
4. 14547.5
Correct Answer - Option 4 : 14547.5Given:Loan Amount(P) = Rs. 10,000Time = 3 yearsRate for 1st year(x) = 10%Rate for 2nd and 3rd year(y) = 15%Formula used:Net effect formula for CI = x + y + (x × y) / 100Calculations:Rate for 1st, 2nd and 3rd year is 10%,15% and 15%P = 10,000 and T = 3 yearsNet effeRead more
Correct Answer – Option 4 : 14547.5
Given:
Loan Amount(P) = Rs. 10,000
Time = 3 years
Rate for 1st year(x) = 10%
Rate for 2nd and 3rd year(y) = 15%
Formula used:
Net effect formula for CI = x + y + (x × y) / 100
Calculations:
Rate for 1st, 2nd and 3rd year is 10%,15% and 15%
P = 10,000 and T = 3 years
Net effect for 1st 2 years
⇒ x + y + (x × y) / 100
⇒ 10 + 15 + (10 × 15) / 100
⇒ 26.5%
Now for 3rd year
⇒ 26.6 + 15 + (26.5 × 15) /100
⇒ 41.5 + 3.975
⇒ 45.475%
Let, Principal be 100x
Amount = (P + CI)
= 100x + 45.475x
⇒ 145.475x
⇒ 100x = 10000
⇒ 145.475x = 14547.5
∴The amount Aman will have to pay is Rs. 14547.5.
See lessAmita borrowed Rs. 7500 for 3 years at 8% p.a. simple interest. She lent it to Anju at 12% p.a for 3 years. Find her profit after 3 years.
1. Rs. 325
2. Rs. 900
3. Rs. 425
4. Rs. 630
Correct Answer - Option 2 : Rs. 900Given:Amita borrowed ( Principal ) = 7500Rate = 8%Time = 3 yearsShe lent it to Anju,Rate = 12%Time = 3 yearsConcept used:Simple interest = (Principal × Rate × Time)/100Calculations:Simple interest in 3 years⇒ (7500 × 12 × 3)/100 – (7500 × 8 × 3)/100⇒ 2700 – 1800 =Read more
Correct Answer – Option 2 : Rs. 900
Given:
Amita borrowed ( Principal ) = 7500
Rate = 8%
Time = 3 years
She lent it to Anju,
Rate = 12%
Time = 3 years
Concept used:
Simple interest = (Principal × Rate × Time)/100
Calculations:
Simple interest in 3 years
⇒ (7500 × 12 × 3)/100 – (7500 × 8 × 3)/100
⇒ 2700 – 1800 = 900
Profit in 3 years = Rs. 900
∴ The profit is Rs. 900
See lessA sum at the same simple interest becomes amount to Rs. 457 in 5 years and Rs. 574 in 10 years. Find the value of the sum (in Rupees).
1. 340
2. 420
3. 500
4. 280
Correct Answer - Option 1 : 340Given:The sum at the same simple interest becomes amount to Rs 457 in 5 years and Rs 574 in 10 years.Concept Used:Sum = Amount - InterestCalculation:The amount after 5 years is Rs. 457 and sum after 10 years is Rs. 574The simple interest in 5 years is (574 - 457) = 117Read more
Correct Answer – Option 1 : 340
Given:
The sum at the same simple interest becomes amount to Rs 457 in 5 years and Rs 574 in 10 years.
Concept Used:
Sum = Amount – Interest
Calculation:
The amount after 5 years is Rs. 457 and sum after 10 years is Rs. 574
The simple interest in 5 years is (574 – 457) = 117
Sum = 457 – 117
⇒ 340
∴ The value of the sum is Rs. 340.
See lessA certain sum amounts to Rs. 15,500 in 2 years at 12% p.a. simple interest. If the same sum is compounded half-yearly at 10% per annum for \(1 \frac{1}{2}\) years, what will be the amount received?
1. Rs. 14,470
2. Rs. 15,125
3. Rs. 14,360
4. Rs. 13,460
Correct Answer - Option 1 : Rs. 14,47022Given:A certain sum amounts to Rs. 15,500 in 2 years at 12% p.a. simple interest. Next time is 1.5 year and the rate of interest is 10% p.a. and interest compounded half yearly.Concept Used:Interest = Principal - amountIf p be the principal and the rate of intRead more
Correct Answer – Option 1 : Rs. 14,470
22Given:
A certain sum amounts to Rs. 15,500 in 2 years at 12% p.a. simple interest. Next time is 1.5 year and the rate of interest is 10% p.a. and interest compounded half yearly.
Concept Used:
Interest = Principal – amount
If p be the principal and the rate of interest is r then simple interest in t year is ptr/100
If p be the principal, r be the rate of interest, the interest compounded half yearly then amount after t year will be p(1 + r/200)2t
Calculation:
Let the principal be p
Simple interest get in 2 years at 12% p.a. simple interest is (2 × 12p)/100
⇒ 24p/100
Amount = 24p/100 + p
⇒ 124p/100
Accordingly,
124p/100 = 15500
⇒ p = 12500
The principal is 12500
Total time is 1.5 year
The rate of interest is 10% p.a.
Interest compounded half yearly
Amount after 1.5 years will be 12500 × (1 + 10/200)1.5 × 2
⇒ 12500 × (21/20)3
⇒ 14470.31
⇒ 14470
∴ The amount will be 14470 after 1.5 year
See lessWhat would be the interest accrued in two years if Rs. 1200 is invested @ 10% interest, compounded annually?
1. Rs. 264
2. Rs. 246
3. Rs. 240
4. Rs. 252
Correct Answer - Option 4 : Rs. 252GIVEN:Principal (P)= Rs1200, Rate(R) = 10%, Time(N) = 2 yearsFORMULA USED:A = P (1 + R/100)NCALCULATION:A = P (1 + R/100)N⇒ A = 1200(1 + 10/100)2⇒ A = 1200(1 + 1/10)10⇒ A = 1200 × 11/10 × 11/10⇒ A = 12 × 121⇒ A = Rs1452⇒ Amount = Principle + Interest⇒ Interest = AmRead more
Correct Answer – Option 4 : Rs. 252
GIVEN:
Principal (P)= Rs1200, Rate(R) = 10%, Time(N) = 2 years
FORMULA USED:
A = P (1 + R/100)N
CALCULATION:
A = P (1 + R/100)N
⇒ A = 1200(1 + 10/100)2
⇒ A = 1200(1 + 1/10)10
⇒ A = 1200 × 11/10 × 11/10
⇒ A = 12 × 121
⇒ A = Rs1452
⇒ Amount = Principle + Interest
⇒ Interest = Amount – Principle
⇒ Interest =Rs1452 – Rs1200
A sum of money becomes 3/2 times of itself in 3 years at certain rate of interest. Find the rate of interest?
1. 16\(\frac{2}{3}\)%
2. 11\(\frac{1}{3}\)%
3. 9\(\frac{1}{3}\)%
4. 12\(\frac{1}{3}\)%
Correct Answer - Option 1 : 16\(\frac{2}{3}\)%Given:Amount = 3/2 of the sumTime = 3 yearsFormula used:Simple interest = (P × R × T)/100Amount = Principal + InterestCalculation:Let the sum of money be PAmount after 3 years will be 3/2PNow, by using the formula3/2P – P = (PR × 3)/100⇒ R = 50/3 = 16\(\Read more
Correct Answer – Option 1 : 16\(\frac{2}{3}\)%
Given:
Amount = 3/2 of the sum
Time = 3 years
Formula used:
Simple interest = (P × R × T)/100
Amount = Principal + Interest
Calculation:
Let the sum of money be P
Amount after 3 years will be 3/2P
Now, by using the formula
3/2P – P = (PR × 3)/100
⇒ R = 50/3 = 16\(\frac{2}{3}\)%
∴ The rate of interest is 16\(\frac{2}{3}\)%.
See lessIf a certain sum becomes Rs. 1237.50 in four years with some annual rate of simple interest and it becomes Rs. 1443.75 in six years, then the principal amount is:
1. Rs. 860.50
2. Rs. 870
3. Rs. 825
4. Data are insufficient
Correct Answer - Option 3 : Rs. 825Given:Amount in 4 years = Rs 1237.50Amount in 6 years = Rs 1443.75Formula used:SI = (P × R × T)/100A = P + SIHere, A, P, R, T and SI are amount, principal, rate, time and simple interest respectivelyConcept used:SI is equal every yearCalculation:The amount in 4 yeaRead more
Correct Answer – Option 3 : Rs. 825
Given:
Amount in 4 years = Rs 1237.50
Amount in 6 years = Rs 1443.75
Formula used:
SI = (P × R × T)/100
A = P + SI
Here, A, P, R, T and SI are amount, principal, rate, time and simple interest respectively
Concept used:
SI is equal every year
Calculation:
The amount in 4 years = Rs 1237.50
The amount in 6 years = Rs 1443.75
SI for 2 years = 1443.75 – 1237.50 = 825/4
Then, SI for 4 years = 825/4 × 2 = 825/2
Principal = Amount for 4 years – SI for 4 years
⇒ 1237.5 – 825/2
⇒ 825
∴ The principal is Rs 825
See lessThe simple interest on an amount invested at 13% per annum for 9 years is five times of the compound interest on Rs. 18000 for 2 years at 17% per annum. Find the amount invested under simple interest.
1. 29760
2. 25764
3. 26400
4. 28377
Correct Answer - Option 4 : 28377Given:The simple interest on an amount invested at 13% per annum for 9 years is five times of the compound interest on Rs. 18000 for 2 years at 17% per annumFormula Used:CI = P × (1 + r/100)n – P, where the rate of interest is r and the amount is invested for n yearsRead more
Correct Answer – Option 4 : 28377
Given:
The simple interest on an amount invested at 13% per annum for 9 years is five times of the compound interest on Rs. 18000 for 2 years at 17% per annum
Formula Used:
CI = P × (1 + r/100)n – P, where the rate of interest is r and the amount is invested for n years.
SI = principal × rate × time/100 = Prt/100
Calculation:
S.I. = P × 13 × 9/100 = 117P/100
CI = Rs. {18000 × (1 + 17/100)2 – 18000} = Rs. (24640.2 – 18000) = Rs. 6640.2
⇒ 117P/100 = 5 × 6640.2 = 33201
⇒ P = 28377
∴ The invested amount was Rs. 28377
See lessA sum of money, when invested at a certain rate of compound interest per year, became 1.21 times the sum invested on maturity after two years. What was the rate of compound interest per annum?
1. 11%
2. 10.5%
3. 10%
4. 9.9%
Correct Answer - Option 3 : 10%Given:A sum of money, when invested at a certain rate of compound interest per year, became 1.21 timesThe sum invested on maturity after two yearsFormula used:Compound interest (A) = Principal amount × [1 + (rate of interest/100)]tCalculation:Principal amount = pAmountRead more
Correct Answer – Option 3 : 10%
Given:
A sum of money, when invested at a certain rate of compound interest per year, became 1.21 times
The sum invested on maturity after two years
Formula used:
Compound interest (A) = Principal amount × [1 + (rate of interest/100)]t
Calculation:
Principal amount = p
Amount = 1.21P
Time = 2 year
Rate of interest = r
⇒ 1.21P = P [1 + (r/100)]2
⇒ 1.21 = [1 + (r/100)]2
⇒ (1.1)2 = [1 + (r/100)]2
⇒ 1.1 = (100 + r)/100
⇒ 110 = 100 + r
⇒ r = 10%
∴The rate of compound interest per annum is 10%
See less