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Multiple Choice Questions

In 2014 the difference between compound interest and simple interest for the given period is Rs 40 I...........

Quantitative Aptitude (RAS) Data Table

Directions : Study the following table carefully and answer the questions that follow:
A person invested different amount in different years at different rate of interest for different years as described in below table. Some values are missing. Answer the questions on the basis of given table and information in question.

I = Interest received after 1 year

In 2014, the difference between compound interest and simple interest for the given period is Rs 40. If the sum is invested for 3 years, what will be the compound interest after 3 years?

Rs 2728

Rs 2655

Rs 2328

Rs 2522

Rs 2544

Explanation:

SI for 1 year = Rs 800,

so for 2 years = 2*800 = Rs 1600
So according to formula for 2 years,

R = 2*(difference between CI and SI)/SI * 100
R = (2*40/1600) *100 = 5%
Now use,
PR²/100² = (difference between CI and SI)
P * 5²/ 100² = 40
Solve, P = Rs 16000
So amount after 3 years = 16000 [1 + 5/100]³ = Rs 18522
So CI = 18522 – 16000 = Rs 2522