__Question:__The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period (in years) is:

**Options:**

A. | 2 | |

B. | 2 1/2 | |

C. | 3 | |

D. | 4 | |

E. | None of these |

**Answer: Option A**

- Amount = Rs. (30000 + 4347) = Rs. 34347.

Let the time be

*n*years.

Then, 30000 ( 1 + 7 )

*n*= 34347 100

( 107 )

*n*= 34347 = 11449 = ( 107 ) 2 100 30000 10000 100

*n*= 2 years.

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## More Questions Related to Quantitative Aptitude > Compound Interest :

__Question 1.__There is 60% increase in an amount in 6 years at simple interest. What will be the compound interest of Rs. 12,000 after 3 years at the same rate?

**Options:**

- Rs. 2160
- Rs. 3120
- Rs. 3972
- Rs. 6240
- None of these

**Answer: Option C**

- Let P = Rs. 100. Then, S.I. Rs. 60 and T = 6 years.

R = 100 x 60 = 10% p.a. 100 x 6 Now, P = Rs. 12000. T = 3 years and R = 10% p.a.

C.I. = Rs. [ 12000 x { ( 1 + 10 ) 3 - 1 } ] 100 = Rs. 12000 x

331 1000

= 3972.

__Question 2.__The difference between simple and compound interests compounded annually on a certain sum of money for 2 years at 4% per annum is Re. 1. The sum (in Rs.) is:

**Options:**

- 625
- 630
- 640
- 650
- None of these

**Answer: Option A**

- Let the sum be Rs.

*x*. Then,

C.I. = [

*x*( 1 + 4 ) 2 -

*x*] = ( 676

*x*-

*x*) = 51

*x*. 100 625 625

__Question 3.__A bank offers 5% compound interest calculated on half-yearly basis. A customer deposits Rs. 1600 each on 1st January and 1st July of a year. At the end of the year, the amount he would have gained by way of interest is:

**Options:**

- Rs 120
- Rs 121
- Rs 122
- Rs 123
- None of these

**Answer: Option B**

- Amount = Rs. [ 1600 x ( 1 + 5 ) 2 + 1600 x ( 1 + 5 ) ] 2 x 100 2 x 100 = Rs. [ 1600 x 41 x 41 + 1600 x 41 ] 40 40 40 = Rs.

[ 1600 x

41

(

41 + 1

)

] 40 40 = Rs.

[

1600 x 41 x 81

] 40 x 40

= Rs. 3321.

C.I. = Rs. ( 3321 - 3200 ) = Rs. 121

__Question 4.__What will be the compound interest on a sum of Rs. 25,000 after 3 years at the rate of 12 p.c.p.a.?

**Options:**

- Rs. 9000.30
- Rs. 9720
- Rs. 10123.20
- Rs. 10483.20
- None of these

**Answer: Option C**

- Amount = Rs. 25000 x ( 1 + 12 ) 3 100 = Rs. 25000 x

28 x

28 x

28 25 25 25

= Rs. 35123.20

C.I. = Rs. (35123.20 - 25000) = Rs. 10123.20

__Question 6.__The effective annual rate of interest corresponding to a nominal rate of 6% per annum payable half-yearly is:

**Options:**

- 6.06%
- 6.07%
- 6.08%
- 6.09%
- None of these

**Answer: Option D**

- Amount of Rs. 100 for 1 year

when compounded half-yearly } = Rs. 100 x ( 1 + 3 ) 2 = Rs. 106.09 100

Effective rate = (106.09 - 100)% = 6.09%

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