Aptitude Day 312

Problems on Compound Interest: 

1. The difference between the compound interest and the simple interest accrued on an amount of 1,80,000 in 2 years is 500. Find the sum.

Solution:

                 [180000*(1 + R/100)² – 180000] – [1800*R*2/100] = 500

                 By solving the above equation, we get

                 R = 16.6%.

2. A invested an amount of 5000  in a fixed deposit scheme for 3 years at C.I. rate 6% p.a. How much amount will A get on maturity of the fixed deposit?

Solution:

                  5000*(1 + 6/100)³ = 5000*(106/100)³

                                                          = 148877/25

                                                = 5955 approximately.