Banking Quantitative Aptitude Sample Paper Quantitative Aptitude Sample Paper-2

The simple interest accrued on a sum of certain principal is Rs. 7200 in 6 yr at the rate of 12% per annum. What would be the compound interest accrued on that principal at the rate of 5% per annum in 2 yr?

A) Rs. 1020

B) Rs. 1055

C) Rs. 1050

D) Rs. 1025

E) None of these

Correct Answer: D

Solution :

[d] Suppose the principle amount = Rs. x

Then, \[7200=\frac{x\times 12\times 6}{100}\]

\[\Rightarrow \] \[x=\frac{7200\times100}{12\times6}\] \[\Rightarrow \] \[x=Rs.10000\]

\[\therefore \] Compound interest

\[=10000{{\left( 1+\frac{5}{100} \right)}^{2}}-10000\]

\[=10000{{\left(\frac{21}{20}\right)}^{2}}-10000\] \[=10000\times \frac{441}{400}-10000\]

\[=\frac{4410000-4000000}{400}\]

\[=\frac{410000}{400}=Rs.\,\,1025\]