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by rupsk » Mon Sep 05, 2011 8:16 pm
Find the simple interest on $500/- for 9 months at 6 cents per month?

Possible Answers
Selected Possible Answer

A. $27


B. $32.4


C. $34.5


D. $27.5


E. $25.5


At what rate percent on simple interest will a sum of money double itself in 30 years?

Possible Answers
Selected Possible Answer

A. 4.5%


B. 3.5%

C. 5%


D. 4%


E. 3%
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by shankar.ashwin » Mon Sep 05, 2011 9:25 pm
The first question is framed vaguely, I am not sure what you mean by interest of 6 cents a month? Is it for $1 or $500?

The second question,

Amount will be doubled when the interest earned becomes equal to the principal invested, So

P=PNR/100

NR=100

Given N=30;

R= 100/30 = 3.33
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by rupsk » Tue Sep 06, 2011 7:50 am
I was also not able to get the first problem.

And for second problem i approached same way but there was no answer like that. So i thought of asking others if i was wrong
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by shankar.ashwin » Wed Sep 07, 2011 1:08 am
Oh! Closet approximation would be 3.5, I guess since no 2 decimal values are given.

Whats the source to these problems?
rupsk wrote:I was also not able to get the first problem.

And for second problem i approached same way but there was no answer like that. So i thought of asking others if i was wrong
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by tpr-becky » Wed Sep 07, 2011 3:18 am
Be careful on working on problems that appear so far from the language of the test, this test is based in logic and ability to interpret what the test asks of you. Getting too far into the math side of things and away from actual language can hinder your progress.
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by rupsk » Wed Sep 07, 2011 5:51 am
thanks
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by navami » Thu Sep 08, 2011 6:23 am
Question 1 .

27$
This time no looking back!!!
Navami
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by navami » Thu Sep 08, 2011 6:26 am
Question 2 .

Principle + Interest for 30 years = 2 * Principle
=> Interest for 30 years = principle

=> Principle * Interest * 30 / 100 = Principle

Interest = 3.3 Approx

closest ans is 3.5%
This time no looking back!!!
Navami
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