Monday, August 17, 2015

AMCAT Quantitative Ability Previous Papers-8

Ques. A man saves Rs 200 at the end of each year and lends the money at 5% compound interest. How much will it become at the end of 3 years.
Rs 662
Rs 662.01
Rs 662.02
Rs 662.03
 Answer And Explanation
Answer: Option C

Explanation:

=[200(21/20×21/20×21/20)+200(21/20×21/20)+200(21/20)]
=662.02

Ques. Find compound interest on Rs. 7500 at 4% per annum for 2 years, compounded annually
Rs 312
Rs 412
Rs 512
Rs 612
 Answer And Explanation
Answer: Option D

Explanation:

Please apply the formula

Amount=P(1+R/100)^n
C.I. = Amount - P




The present worth of Rs.169 due in 2 years at 4% per annum compound interest is
Rs 155.25
Rs 156.25
Rs 157.25
Rs 158.25
 Answer And Explanation
Answer: Option B

Explanation:

In this type of question we apply formula
Amount=P/(1+R/100)^n
Amount=169(1+4/100)^2
Amount=169∗25∗25/26∗26
Amount=156.25



Ques. At what rate of compound interest per annum will a sum of Rs. 1200 become Rs. 1348.32 in 2 years
3%
4%
5%
6%
 Answer And Explanation
Answer: Option D

Explanation:

Let Rate will be R%

1200(1+R/100)^2=134832/100
(1+R/100)^2=134832/120000
(1+R/100)^2=11236/10000
(1+R100)=106100
=>R=6%


Ques. The least number of complete years in which a sum of money put out at 20% compound interest will be more than doubled is
4 years
5 years
6 years
7 years

Answer: Option A

Explanation:

As per question we need something like following

P(1+R/100)^n > 2P
(1+20/100)^n > 2
(6/5)^n > 2
6/5×6/5×6/5×6/5 > 2


So answer is 4 years

In what time will Rs.1000 become Rs.1331 at 10% per annum compounded annually
2 Years
3 Years
4 Years
5 Years
 Answer And Explanation
Answer: Option B

Explanation:

Principal = Rs.1000;
Amount    = Rs.1331;
Rate    = Rs.10%p.a.

Let the time be n years then,

1000(1+10/100)^n=1331
(11/10)^n=1331/1000
(1110)^3=1331/1000

So answer is 3 years

If the simple interest on a sum of money for 2 years at 5% per annum is Rs.50, what will be the compound interest on same values
Rs.51.75
Rs 51.50
Rs 51.25
Rs 51

Answer: Option C

Explanation:

S.I.=P∗R∗T/100
P=(50∗100)/5∗2=500
Amount=500(1+5/100)^2
500(21/20∗21/20)=551.25
C.I.=551.25−500
=51.25

Ques. The difference between simple and compound interests compounded annually on a certain sum of money for 2 years at 4% per annum is Rs 1. Find the sum
Rs 600
Rs 625
Rs 650
Rs 675

Answer: Option B

Explanation:

Let the Sum be P
S.I. = P∗4∗2/100=2P/25
C.I. = P(1+4/100)^2−P
=(676P/625)−P
=51P/625
As, C.I. - S.I = 1
=>51P/625−2P/25=1
=>(51P−50P)625=1
P=625