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Banking Sample Paper SBI Junior Associates (PT) Sample Test Paper-1

  • question_answer
    The simple interest accrued on an amount of Rs. 22600 at the end of two years is Rs. 4520. What would be the compound interest accrued on the same amount at the same rate of interest for the same period?

    A)  Rs. 4645          

    B)         Rs. 4746          

    C)         Rs. 4505          

    D)         Rs. 4795

    E)  None of these

    Correct Answer: B

    Solution :

    \[R=\frac{4520\times 100}{22600\times 2}=10%\] \[\therefore \]\[CI=\left( 22600\times \frac{110}{100}\times \frac{110}{100} \right)-22600\] \[=27346-22600=Rs.\,\,4746\]                         Another Method: \[R=\frac{4520\times 100}{22600\times 2}=10%\] Now, equivalent rate of 10% compounded annually for 2 years \[=10+10+\frac{10\times 10}{100}=21%\] \[\therefore \]Required interest\[=21%\]of\[22600=21\times 226\] \[=Rs.\,\,4746\]


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