24 questions, 5 of them short answer (type the number, as in IPMAT Indore). Each is marked with the exam level it suits. Answer, then open the step-by-step solution.
Find the compound interest on Rs. 40000 for 2 years at 10% per annum, compounded half-yearly.
Half-yearly: rate 5% per half-year for 4 half-years.
Amount = 40000 × (1 + 5100)4 = 48,620.25.
CI = 48,620.25 − 40000 = 8620.25.
Find the difference between compound interest and simple interest on Rs. 10000 for 3 years at 10% per annum (compounded annually).
For 3 years, CI − SI = P(r/100)2 (3 + r/100).
= 10000 × (10100)2 × (3 + 10100) = 310.
At simple interest, a sum becomes 4 times itself in 16 years. What is the rate of interest per annum?
Interest = 3 × principal over 16 years.
Rate = 3 × 10016 = 18.75%.
At simple interest, a sum becomes 3 times itself in 4 years. What is the rate of interest per annum?
Interest = 2 × principal over 4 years.
Rate = 2 × 1004 = 50%.
At compound interest, a sum becomes 2 times itself in 3 years. In how many years will it become 4 times itself?
Each period of 3 years multiplies the sum by 2.
4 = 22, so it takes 2 × 3 = 6 years.
A sum at compound interest amounts to Rs. 3600 in 2 years and Rs. 4320 in 3 years. Find the rate of interest.
In the third year the interest is earned on Rs. 3600: 4320 − 3600 = 720.
Rate = 7203600 × 100 = 20%.
At simple interest, a sum becomes 3 times itself in 10 years. What is the rate of interest per annum?
Interest = 2 × principal over 10 years.
Rate = 2 × 10010 = 20%.
At simple interest, a sum becomes 4 times itself in 25 years. What is the rate of interest per annum?
Interest = 3 × principal over 25 years.
Rate = 3 × 10025 = 12%.
Find the difference between compound interest and simple interest on Rs. 15000 for 2 years at 10% per annum (compounded annually).
For 2 years, CI − SI = P(r/100)2 = 15000 × (10100)2 = 150.
A sum at compound interest amounts to Rs. 7200 in 2 years and Rs. 8640 in 3 years. Find the rate of interest.
In the third year the interest is earned on Rs. 7200: 8640 − 7200 = 1440.
Rate = 14407200 × 100 = 20%.
A sum at compound interest amounts to Rs. 11,025 in 2 years and Rs. 11,576.25 in 3 years. Find the rate of interest.
In the third year the interest is earned on Rs. 11,025: 11,576.25 − 11,025 = 551.25.
Rate = 551.25/11,025 × 100 = 5%.
Find the compound interest on Rs. 8000 for 1.5 years at 10% per annum, compounded half-yearly.
Half-yearly: rate 5% per half-year for 3 half-years.
Amount = 8000 × (1 + 5100)3 = 9261.
CI = 9261 − 8000 = 1261.
Find the difference between compound interest and simple interest on Rs. 12000 for 2 years at 15% per annum (compounded annually).
For 2 years, CI − SI = P(r/100)2 = 12000 × (15100)2 = 270.
At compound interest, a sum becomes 3 times itself in 6 years. In how many years will it become 9 times itself?
Each period of 6 years multiplies the sum by 3.
9 = 32, so it takes 2 × 6 = 12 years.
A sum at compound interest amounts to Rs. 4840 in 2 years and Rs. 5324 in 3 years. Find the rate of interest.
In the third year the interest is earned on Rs. 4840: 5324 − 4840 = 484.
Rate = 4844840 × 100 = 10%.
At compound interest, a sum becomes 3 times itself in 7 years. In how many years will it become 9 times itself?
Each period of 7 years multiplies the sum by 3.
9 = 32, so it takes 2 × 7 = 14 years.
Find the compound interest on Rs. 16000 for 1 year at 10% per annum, compounded half-yearly.
Half-yearly: rate 5% per half-year for 2 half-years.
Amount = 16000 × (1 + 5100)2 = 17,640.
CI = 17,640 − 16000 = 1640.
Find the difference between compound interest and simple interest on Rs. 25000 for 2 years at 10% per annum (compounded annually).
For 2 years, CI − SI = P(r/100)2 = 25000 × (10100)2 = 250.
At simple interest, a sum becomes 4 times itself in 12 years. What is the rate of interest per annum?
Interest = 3 × principal over 12 years.
Rate = 3 × 10012 = 25%.
At compound interest, a sum becomes 2 times itself in 8 years. In how many years will it become 8 times itself?
Each period of 8 years multiplies the sum by 2.
8 = 23, so it takes 3 × 8 = 24 years.
A sum at compound interest amounts to Rs. 9680 in 2 years and Rs. 10,648 in 3 years. Find the rate of interest.
In the third year the interest is earned on Rs. 9680: 10,648 − 9680 = 968.
Rate = 9689680 × 100 = 10%.
Find the difference between compound interest and simple interest on Rs. 20000 for 2 years at 5% per annum (compounded annually).
For 2 years, CI − SI = P(r/100)2 = 20000 × (5100)2 = 50.
Find the compound interest on Rs. 20000 for 2 years at 20% per annum, compounded annually.
Amount = 20000 × (1 + 20100)2 = 28,800.
CI = 28,800 − 20000 = 8800.
At compound interest, a sum becomes 2 times itself in 5 years. In how many years will it become 4 times itself?
Each period of 5 years multiplies the sum by 2.
4 = 22, so it takes 2 × 5 = 10 years.
These are original practice questions written by Target Campus in the pattern, syllabus and difficulty of IPMAT Indore, IPMAT Rohtak, JIPMAT, NPAT and SET. They are not previous-year papers.
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