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15.
What annual payment will discharge a debt of Rs. 7620 due in 3 years at 16 2/3% per annum compound interest?
Answer & Solution
Answer: c) Rs. 3430
Solution: Let each instalment be Rs. x. Then, (P.W. of Rs. x due 1 year hence) + (P.W. of Rs. x due 2 years hence) + (P.W. of Rs. x due 3 years hence) = 7620 x/[1 + [50/(3 * 100)]] + x/[1 + [50/(3 * 100)]]^2 + x/[1 + [50/(3 * 100)]]^3 = 7620 => (6x/7) + (36x/49) + (216x/343) = 7620 => 294x + 252x + 216x = 7620 * 343 => x = [(7620 * 343)/762] = 3430 Amount of each instalment = Rs. 3430 
16.
Albert invested an amount of Rs. 8000 in a fixed deposit scheme for 2 years at compound interest rate 5 p.c.p.a. How much amount will Albert get on maturity of the fixed deposit? [Bank P.O. 1999]
Answer & Solution
Answer: d) None of these
Solution: Amount = Rs. [8000 * [1 + (5/100)]^2 ] = Rs. [8000 * (21/20) * (21.20)] = Rs. 8820 So, the correct answer is (d)
17.
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.? [S.B.I.P.O. 2003]
Answer & Solution
Answer: c) Rs. 10123.20
Solution: Amount = Rs. [25000 * [1 + (12/100)]^3 ] = Rs. [25000 * (28/25) * (28/25) * (28/25)] = Rs. 35123.20 C.I. = Rs. (35123 - 25000) = Rs. 10123.20
18.
The compound interest on Rs. 20,480 at 6 1/4% per annum for 2 years 73 days, is :
Answer & Solution
Answer: b) Rs. 2929
Solution: Time = 2 73/365 years = 2 1/5 years Amount = Rs. [20480 * [1 + [25/(4 * 100)]]^2 [1 + [[(1/5) * (25/4)]/100]]] = Rs. [20480 * (17/16) * (17/16) * (81/80)] = Rs. 23409 C.I. = Rs.(23409 - 20480) = Rs. 2929
19.
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? [Hotel Management, 2003]
Answer & Solution
Answer: c) Rs. 662.02
Solution: Amount = {200 [1 + (5/100)]^3} + {200[1 + (5/100)]^2} + {200[1 + (5/100]} = Rs. [200 * (21/20) * (21/20) * (21/20) + 200 * (21/20) * (21/20) + 200 * (21/20)] = Rs. [200 * (21/20){(21/20) * (21/20) + (21/20) + 1}] = Rs. 662.02 20.
Sam invested Rs. 15,000 @ 10% per annum for one year. If the interest is compounded half-yearly, then the amount received by Sam at the end of the year will be: [S.B.I.P.O. 2002]
Answer & Solution
Answer: c) Rs. 16,537.50
Solution: P = Rs. 15000; R = 10% p.a. = 5% per half-year; T = 1 year = 2 half-year. Amount = Rs. [15000 * [1 + (5/100)]^2 ] = Rs. [15000 * (21/20) * (21/20)] = Rs. 16537.50.
21.
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: [N.D.A. 2000]
Answer & Solution
Answer: b) Rs. 121
Solution: Amount = Rs. [1600 * {1 + (5/(2 * 100))}^2 + 1600 * {1 + (5/(2 * 100))}] = Rs. [1600 * (41/40) * (41/40) + 1600 * (41/40)] = Rs. [1600 * (41/40){(41/40) + 1}] = Rs. [(1600 * 41 * 81)/(40 * 40)] = Rs. 3321. C.I. = Rs. (3321 - 3200) = Rs. 121
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