Aptitude Day 320

Aptitude Questions with Answers:

Answers of Day 319: 1. 683.33.

                                    2. 500.

Problems on Compound Interest:

1. The compound interest on 62,500 at 4% p.a. is 5100. The period is:

Solution:

                  Amount = 62,500 + 5100 = 67,600.

                  67600 = 62500(1 + 4/100)ⁿ

                  67600/62500 = (26/25)ⁿ

                  (26/25)² = (26/25)ⁿ

                  n = 2 years.

2. There is a 60% increase in an amount in 6 years at simple interest. What will be the compound interest of 12,000 after 3 years at the same rate?

Solution:

                  Let P = 100.

                  R = 100*60/ 100*6

                     = 10%.

                  C.I = 12000 [(1 + 10/100)³ -1]

                        = 3972.