20 Mar 2017

PrepHelp Educators

Simple & Compound Interest Solved Questions For IBPS, SBI and Other Bank Exams

Simple & Compound Interest Solved Questions For IBPS, SBI and Other Bank Exams 

Dear Reader,
Below you will find important formulas of simple and compound problems. Following that you will find solved questions. These questions will help you in preparation for all bank exams including IBPS, SBI, RRB and other banks.
Simple Interest
SI- Simple Interest, CI – Compound Interest, P- Principal, R-Rate of interest, T- number of years, A – Amount
Important formulas:
1. SI = PRT/100
2. P = (100 x SI) / (R x T)
3. R = (100 x SI) / (P x T)
4. T = (100 x SI) / (P x R)
5. P = 100A/100+RT
6. A = P+SI
Important formulas:
7. A = P(1+R/100)T
8. CI = P[(1+R/100) T -1]
9. If interest is compounded half yearly
A = P(1+(R/200))2T
10. If interest is compounded quarterly
A = P(1+(R/400))4T
11. If interest is compounded annually and time is in fractional form Tx/y
A = P(1+R/100) T x (1+(x/y)R/100)
12. If rates are different for different years, i.e.,R1%, R2%,R3% for 1st, 2nd & 3rd year then,
A = P(1+R1/10) (1+R2/100) (1+R3/100)
Question 1
Veer invested an amount of Rs.9000 for 2 years at compound interest rate 15% per annum. How much amount will Veer obtain as interest?
a)Rs.2902.50 b)Rs.2900.50 c)Rs.2899.50 d)Rs.2899
Answer : a)Rs.2902.50
Solution:
When interest is compounded Annually, we have to use the following formula:
Amount = P x [1+ (R/100)]n where P = principal, R = rate of interest and n = time(years)
Here P = Rs.9000, R = 15%, n = 2 years.
Then, Amount= Rs.9000 x [1 + (15/100)]2 = 9000 x (23/20)2 = 23805/2 = Rs.11902.5
The amount obtained by the way of interest in compound interest = Amount - principal = Rs.(11902.5 - 9000) = Rs.2902.50
Hence the required answer is Rs.2902.50

Question 2
Shagi deposits Rs.1500 each on 1st January and 1st July of a year at the rate of 8% compound interest calculated on half-yearly basis. How much amount he would have at the end of the year?
a)Rs.2150.50 b)Rs.3140.40 c)Rs.3182.40 d)Rs.2152.50
Answer : c) Rs.3182.40
Solution:
When interest is compounded Half-yearly: Amount = P x [1+ (R/2)/100 ]2n
The total amount for the investment on 1st january is:
Amount1 = Rs. 1500 x [1+ (8/2)/100]2x1
= Rs. 1500 x [1 + (4/100)]2
= Rs. 1500 x [26/25]2
The total amount for investment on 1st july is:
(Here n= 1/2 year since it starts from 1st july to end of the same year)
Amount2 = Rs. 1500 x [1+ (8/2)/100][2 x(1/2)]
= Rs. 1500 x [1+ 4/100 ]
= Rs. 1500 x [26/25]
The total amount at the end of the year = amount1 + amount2
= 1500 x [26/25]2 + 1500 x [26/25]
= 1500 x [26/25] x [(26/25) + 1]
= 1500 x 26/25 x 51/25
= 3182.40
Hence Rs.3182.40 is the required answer.

Question 3
What is the difference between the compound interests on Rs.10,000 for 2 years at 5% per annum compounded yearly and half-yearly?
a)Rs.6.00 b)Rs.6.25 c)Rs.6.50 d)Rs.6.75
Answer : b)Rs.6.25
Solution:
Here, P = Rs.10,000, n = 2 years, and R = 5%
Amount invested for compound interest (yearly) = Rs. 10000 x [1 + 5/100] = Rs.10000 x 21/20 = Rs.10,500
Amount invested for compound interest (Half-yearly) = Rs. 10000 x [1 +(5/2)/100]2 = 10000 x (41/40)2 = Rs.10,506.25
Difference = Rs.(10506.25-10500) = Rs.6.25
Question 4
If a sum of Rs.8000 lended for 20% per annum at compound interest then the sum of the amount will be Rs.13824 in:
a) 2 years b) 1year c) 3years d) 4years
Answer : c)3years
Solution :
Let Principal = P, Rate = R% per annum, Time = n years.
When interest is compounded Annually total amount can be calculated by using the formula,
Total Amount = P(1 + R/100)n
Given that, P = Rs.8000, R = 20% per annum
We have to find the time period during which the amount will be Rs.13824
i.e., Rs.13824 = 8000 x (1 + 20/100)^n
13824/8000 = (120/100)n
(24/20)^3 = (12/10)n
(12/10)^3 = (12/10)n
Therefore, n = 3.
Hence the required time period is 3 years.

Question 5
Find the compound interest on a principal amount of Rs.5000 after 2 years, if the rate of interest for the 1st year is 2% and for the 2nd year is 4%.
a) Rs.304 b) Rs.314 c) Rs.324 d) Rs.334
Answer : a)Rs.304
Solution :
When Rates are different for different years, say R1%, R2%, R3% for 1st, 2nd and 3rd year respectively.
Then, Amount (= Principal + Compound interest) = P(1 + R1/100)(1 + R2/100)(1 + R3/100).
Here R1 = 2% R2 = 4% and p = Rs.5000, we have to find CI (compound interest).
CI = 5000(1 + 2/100)(1 + 4/100) - 5000
= 5000 x (102/100)(104/100) - 5000
= 5000 x (51/50) x (52/50) - 5000
= 5000 x (51 x 52/2500) - 5000
= 5000 x (2652 / 2500) - 5000
= 5304 - 5000 = 304
Hence the required compound interest is Rs.304.

Question 6
What sum(principal) will be amount to Rs.34536.39 at compound interest in 3 years, the rate of interest for 1st, 2nd and 3rd year being 5%, 6% and 7% respectively?
a) Rs.25576 b) Rs.29000 c) Rs.28012 d) Rs.24000
Answer : b)Rs.29000
Solution :
Let Rs.P be the required sum.
34536.39 = p(1 + 5/100)(1 + 6/100)(1 + 7/100)
= p (105/100) x (106/100) x (107/100)
p = 34536.39 x 100 x 100 x 100 / 105 x 106 x 107
p = Rs.29000
Hence the required amount is Rs.29000

Question 7
What will be the amount if sum of Rs.10,00,000 is invested at compound interest for 3 years with rate of interest 11%, 12% and 13% respectively?
a) Rs.14,04,816 b) Rs.12,14,816 c) Rs.11,35,816 d) Rs.16,00,816
Answer : a)Rs.14,04,816
Solution:
Here, P = Rs.10,00,000 R1 = 11 R2 = 12 R3 = 13.
Therefore, Amount after 3 years
= p(1 + R1/100)(1 + R2/100)(1 + R3/100)
= 10,00,000 x(1 + 11/100)x(1 + 12/100)x(1 + 13/100)
= 10,00,000 x (111/100) x (112/100) x (113/100)
= 111 x 112 x 113
= 1404816
Hence the total amount after 3 years is Rs.14,04,816.
Question 8
A man lent out Rs.9600 at 9/2 % per annum for a year and 9 months. At the end of the duration, the amount he earned as S.I was:
a) Rs. 567 b) Rs.756 c) Rs.874 d) Rs.784
Answer : b) Rs.756
Solution :
Given that, principal = P = Rs.9600, R = 9/2 % and T = 1 year and 9 months = 1 + 9/12 year = 7/4 years.
Now, we have to find the S.I for 7/4 years.
S.I = PRT/100 = Rs. 9600 x 9/2 x 7/4 x 1/100 = 12 x 9 x 7 = 756
Hence, the required S.I amount is Rs.756

Question 9
A man borrowed Rs.33600 at 25/4 % per annum on September 2012 and he paid back in May 2013. Find the amount he paid as S.I.
a) Rs.2075 b) Rs.2575 c) Rs.1575 d) Rs.1975
Answer : c) Rs.1575.
Solution :
Given that, principal = P = Rs. 33600 and R = 25/4 %.
Time duration = From September 2012 to May 2013 = 9 months = 9/12 year = 3/4 year.
S.I = PRT/100 = Rs. 33600 x 25/4 x 3/4 x 1/100 = 21 x 25 x 3 = Rs.1575.
Hence, the answer is Rs.1575.

Question 10
How much time will it take for a sum of Rs. 9000 to yield Rs. 1620 as S.I at 4 1/2 % per annum?
a) 1 year b) 2 years c) 3 years d) 4 years
Answer : d) 4 years.
Solution :
Given that, Principal = P = Rs. 9000, S.I = Rs. 1620 and rate R = 4 1/2 % = 9/2 %
We have to find T.
T = S.I x 100/PR = 1620 x 100/9000 x (9/2)
= 162x2 / 9x9 = 4
Therefore, required time is 4 years.

Question 11
At what rate of simple interest, a sum of Rs.8540 amounts to Rs.9710 in 3 years?
a) 3 1/2 % b) 2 1/4 % c) 3 3/4 % d) 4 1/2 %
Answer : d) 4 1/2 %
Solution :
Given that, principal = P = Rs. 8540
Final amount = Rs. 9710
Then, interest = S.I = Rs.9710 – Rs.8540 = Rs. 1170.
Time = T = 3 years.
Required rate = R = S.I x 100 / PxT = 1170 x 100 / 8540 x 3 = 1950/427
= 4.566 = 4.5 (approximately) = 9/2 = 4 1/2 %
Hence, the answer is 4 1/2 %.
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15 Mar 2017

PrepHelp Educators

SSC CHSL 2016 Tier 1 Answer Key(Official update)

SSC CHSL 2016 Tier 1 Answer Key

Hello Friends,
                      SSC has just now published the answer key of SSC CHSL(10+2) 2016 Tier 1.
SSC CHSL 2016 was held from 7th January 2017 to 8 Feb 2017. Aspirants can check the answer key by visiting the link below:

Click Here!! To visit the link

By Entering the Roll No and Password and Date of Exam You Can Check The Answer Key.
(Password is your date of birth)



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Important: You all are requested to send your Response Sheet (Answer Keys) by mail at Voguetechnosoft@gmail.com so that we can compile complete set of Questions sets for easy access to everyone as we have done in case of SSC CGL 2016 (Tier 1 + Tier 2) and RRB NTPC Mains too. Your privacy will be maintained.
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6 Mar 2017

PrepHelp Educators

SSC CGL 2016 Tier 3 Admit Cards(NR, ER, MPR, CR, NER) Download Now!!

SSC CGL 2016 Tier 3 Admit Cards(NER) Download Now!!

Hello Friends,
                  Today SSC (NER) uploaded Admit Cards For SSC CGL Tier 3 Exam.
Please Like Our Page For Regular Updates and study material.



RegionName of State / Union TerritorySSC CGL TIER 3 Admit Card
Download Link
Notice/ Remarks
North Region,,Delhi,Rajasthan, Delhi,,UttarakhandDownload-
Western Region, MumbaiMaharashtra, Gujarat,GoaComing Soon-
MP Sub-Region, RaipurMadhya Pradesh, ChhattisgarhDownload-
Eastern Region,KolkataWest Bengal, Orrisa, Jharkhand, A&N Island, SikkimDownload-
Central Region, AllahabadUttar Pradesh & BiharDownload-
North Eastern Region, GuwahatiAssam, Arunachal Pradesh, Manipur, Meghalaya, Tripura, Nagaland, MizoramDownload-
Southern Region, ChennaiAndhra Pradesh, Punduchery, TamilnaduComing Soon-
KKR Region, BangaloreKarnataka, KerlaComing Soon-
North Western Sub-Region, ChandigarhHaryana, Punjab, J&K, Himachal PradeshComing Soon-
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2 Mar 2017

PrepHelp Educators

SSC CGL 2016 Tier 2 Marks List Out Official

SSC CGL 2016 Tier 2 Marks List Out Official

Friends,
              Today SSC Released the list of Tier 2 Marks Officially. Download This List Using the below Links and Check your Marks Now!!

Will Provide Alternative Links Shortly.


Click Here!! For Paper I (Maths)

Click Here!!For Paper II (English)

Click Here!!For Paper III

Click Here!! For Paper IV

Click Here!! For Alternative link (Google drive Link) 
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28 Feb 2017

PrepHelp Educators

SSC CGL 2016 Tier 2 Result Declared Officially (Download Here with Alternate links)

SSC CGL 2016 Tier 2 Result Declared Officially (Download Here with Alternate links)


The Staff Selection Commission conducted Computer Based Examination for Combined Graduate Level Examination – 2016 (Tier-II) from 30.11.2016 to 02.12.2016 and re-examination at certain venues on 12.01.2017 and 13.01.2017.
Based on the marks in written examination in Tier-I and Tier-II and as per cut-off fixed by the Commission, candidates qualifying as per lists as under:
i) List-I : Candidates qualified for Tier-III for post of Assistant Audit Officer
ii) List-II : Candidates qualified for Tier-III/CPT for Assistant Section Officer in CSS and Assistant in MEA
iii) List-III :  Candidates qualified for Tier-III for Junior Statistical Officer (Grade-II)
iv) List – IV :   Candidates qualified for Tier-III/DEST for all posts (except AAO, ASO/Assistant (in MEA and CSS) and Junior Statistical Officer (Grade-II))
Writeup
Click Here to download Write up of SSC CGL 2016 Tier 2 Result (28-02-2017)[Official Link of ssc.nic.in]

Click Here to download Write up of SSC CGL 2016 Tier 2 Result (28-02-2017) [Google drive Link]

Snap Shot of Write up of SSC CGL 2016 Tier-2

Result
 
Click Here for List I of  SSC CGL 2016 Tier 2 Result PDF (Official Link) 


Click Here for List II of  SSC CGL 2016 Tier 2 Result PDF (Official Link) 


Click Here for List III of  SSC CGL 2016 Tier 2 Result PDF (Official Link) 

Click Here for List IV of  SSC CGL 2016 Tier 2 Result PDF (Official Link) 

Click Here!  For Alternate Link
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7 Feb 2017

PrepHelp Educators

SBI PO Recruitment Notice 2017 Apply Now!!


State Bank of India has released the recruitment notification 2017 for the post of Probationary Officer. Total 2313 vacancies had been announced by the SBI this year. This is one of the wonderful opportunity to those who aim to work in Indian multinational, public sector bank. You can fill the online registration form for SBI PO Recruitment 2017 from 7th Feb 2017 to 6th March 2017. The SBI PO Recruitment process consist of 3 stages, i.e Phase I – Prelims, Phase II – Mains and Phase III – GD & Interview. Here is the complete guidelines for filling up the SBI PO Recruitment form 2017. Read on to know the complete details of SBI PO 2017 along with following details :
  1. Important Dates
  2. Posts, Vacancies & Reservations
  3. Eligibility Criteria
  4. Selection Procedure & Exam Pattern
  5. How to apply
  6. Application Fees
  7. Career Prospects & Salary

Highlights of SBI PO Recruitment 2017

Here is the complete details of SBI Probationary Officer Recruitment Notification 2017.

#1. Important Dates of SBI PO 2017

EventsDates
Opening of online registration7th Feb 2017 to 6th March 2017
Application fees Payment7th Feb 2017 to 6th March 2017
Downloading of Preliminary Exam call letter15th April 2017 Onward
Preliminary Exam Dates29th, 30th April 2017 and
6th, 7th May 2017
Prelims Exam Result17th May 2017
Downloading of Mains Exam call22nd May 2017 Onward
Main Exam Date4th June 2017
Mains Exam Result19th June 2017
Downloading of Interview Call Letter26th June 2017
Group Exercises and Interviews Date10th July 2017 onward
SBI PO Final Result5 August 2017

#2. Vacancies

Vacancies for PwD are reserved horizontally. The below mentioned total vacancies include backlog vacancies as well.
VacanciesVacancies (PwD)
SC347OH25
ST350VI25
OBC1010HI40
GEN1010TOTAL90
TOTAL2313  

#3. Eligibility Criteria

A. Age Limit (As on 01.04.2017)

Not below 21 years and not above 30 years as on 1st April 2017 i.e. candidate should have been born not before 02.04.1987 and not after 01.04.1996 (both days inclusive).

B. Relaxations in Upper Age Limit

CategoryAge Relaxation
SC/ST5 years
OBC (Non Creamy Layer)3 years
PwD (SC/ST)15 years
PwD (OBC)13 years
PwD (Gen)10 years
Ex-Servicemen, Commissioned Officers with 5 years’ service completed and released.5 years
Jammu & Kashmir domiciled during 01.01.1980 to 31.12.19895 years

C. Educational Qualifications (As on 01.07.2017)

  • Graduation in any discipline from a recognized University or any equivalent qualification recognized as such by the Central Government OR
  • Students in Final Year/Semester of their Graduation provided they produce proof of having passed the graduation examination on or before 01.07.2017 OR
  • Candidates with Integrated Dual Degree (IDD) certificate, provided date of passing the IDD is on or before 01.07.2017 OR
  • Candidates possessing qualification of Chartered Accountant.

#4. Selection Procedure and Exam Pattern

The selection procedure consists of 3 Stages. The written Online Examinations i.e Preliminary and Main will be conducted online. If you clear both the stages then you will be called for Group discussion & Interview.

#5. How to Apply

Applications will be accepted only via online mode. The link for applying online will be active from 7th Feb 2017. Here is the procedure to apply for SBI PO 2017:
  • To apply online visit the link provided below.

         Direct Link to Apply for SBI PO 2017

  • The online registration link will be made available from 7th Feb 2017.
  • Fill the Application form by registering.
  • You will receive a provisional Registration Number and Password.
  • Make sure to note these down and save them.
  • You will also be required to pay online.
  • Alternatively, go to the official website of SBI.
  • Now click on “Apply Now” under Probationary Officers Heading.
  • Follow the above instructions.

#6. Application Fee

CategoryTotal
SC/ ST/ PwD 100/- (Intimation Charges only)
General/ OBC 600/- (Application Fee including Intimation Charges)

#7. Career Prospects and Salary

Current Starting Basic Pay: Rs. 27,620/- (with 4 advance increments)
Pay Scale: 23700-980/7-30560-1145/2-32850-1310/7-42020
Grade: Junior Management Grade Scale-I
Allowances: D.A, H.R.A/Lease rental, C.C.A, Medical and other allowances & perquisites as per rules in force from time to time.
Total Compensation: Total compensation per annum would be a minimum of ₹ 7.55 lacs and maximum of ₹ 12.93 lacs depending on place of posting and other factors.
Other: SBI plans to offer, subject to necessary approvals, a SMART Compensation Package which would enable candidates a choice to monetize specific elements of the salary package.
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