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Banking Sample Paper Bank of Baroda (PO) Sample Test Paper-1

  • question_answer
    On what sum will the difference between the simple and the compound .interest for 3 years at 5 per cent per annum amount to Rs. 24.40?

    A)  Rs. 3300                      

    B)  Rs. 3587          

    C)  Rs. 3200          

    D)         Rs.2800           

    E)  Rs. 3000

    Correct Answer: C

    Solution :

    We know that difference \[=\frac{{{\Pr }^{2}}(300+r)}{{{(100)}^{3}}}\] or, \[24.40=\frac{P\times {{5}^{2}}(300+5)}{{{(100)}^{3}}}\] or\[P=\frac{24.40\times 100\times 100\times 100}{25\times 305}\] \[=\frac{244000\times 4}{305}=\frac{976000}{305}=Rs.3200\]


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