AMCAT Quantitative Ability Previous Papers-9

Ques. A sum of money at simple interest amounts to Rs. 2240 in 2 years and to Rs. 2600 in 5 years. What is the principal amount
1000
1500
2000
2500
Answer And Explanation
Answer: Option C

Explanation:

SI for 3 year = 2600-2240 = 360
SI for 2 year 360/3 * 2 = 240
principal = 2240 – 240 = 2000

Qu.In how many years Rs 150 will produce the same interest at 8% as Rs. 800 produce in 3 years at 9/2%
8
9
10
11
Answer And Explanation
Answer: Option B

Explanation:
Clue:
Firstly we need to calculate the SI with prinical 800,Time 3 years and Rate 9/2%, it will be Rs. 108
Then we can get the Time as
Time = (100*108)/(150*8) = 9

Ques. A financier claims to be lending money at simple interest, But he includes the interest every six months for calculating the principal. If he is charging an interest of 10%, the effective rate of interest becomes.
10.25%
10%
9.25%
9%
Answer And Explanation
Answer: Option A

Explanation:

Let the sum is 100.

As financier includes interest every six months., then we will calculate SI for 6 months, then again for six months as below:

SI for first Six Months = (100*10*1)/(100*2) = Rs. 5

Important: now sum will become 100+5 = 105

SI for last Six Months = (105*10*1)/(100*2) = Rs. 5.25

So amount at the end of year will be (100+5+5.25)
= 110.25

Effective rate = 110.25 – 100 = 10.25

Ques. A sum of money amounts to Rs 9800 after 5 years and Rs 12005 after 8 years at the same rate of simple interest. The rate of interest per annum is
9%
10%
11%
12%

Answer: Option D

Explanation:

We can get SI of 3 years = 12005 – 9800 = 2205

SI for 5 years = (2205/3)*5 = 3675 [so that we can get principal amount after deducting SI]

Principal = 12005 – 3675 = 6125

So Rate = (100*3675)/(6125*5) = 12%

Albert invested amount of 8000 in a fixed deposit for 2 years at compound interest rate of 5 % per annum. How much Albert will get on the maturity of the fixed deposit.
Rs. 8510
Rs. 8620
Rs. 8730
Rs. 8820
Answer And Explanation
Answer: Option D

Explanation:

=>(8000×(1+5100)^2)
=>8000×21/20×21/20
=>8820