Kevin kept his money in XYZ bank. His cash quadrupled in 2 years at a rate of x% compounded annually. What is the value of x? Ops: A. 50 B. 100 C. 80 D. 200 Q 09. Samuel can do a piece of work in 12 days and Bruce can do it in 6 days. If Carl, who can do the work in 16 days, joins them, then how long will they take to together complete the work? Ops: A. 7/8 days B. 24/5 days C. 16/5 days D. 13/25 days Q 10. David invested $3200 under a compound interest of 16% per annum in JAKE Investment Bank. If the interest rate was compounded half-yearly, then find the amount received by him after a year. Ops: A. $4370.4 B. $3214.5 C. $4230.8 D. $3732.48 Q 11. The Simple Interest on $768 for 5 years at 20% p.a. is: Ops: A. $688 B. $728 C. $768 D. $828 Q 12. Stuart completed a piece of work alone in 16 days. What fraction of work was completed by him in 6 days? Ops: A. 3/5 B. 5/8 C. 3/4 D. 3/8
Question
Kevin kept his money in XYZ bank. His cash quadrupled in 2 years at a rate of x% compounded annually. What is the value of x?
Ops: A. 50 B. 100 C. 80 D. 200
Q 09. Samuel can do a piece of work in 12 days and Bruce can do it in 6 days. If Carl, who can do the work in 16 days, joins them, then how long will they take to together complete the work? Ops: A. 7/8 days B. 24/5 days C. 16/5 days D. 13/25 days
Q 10. David invested 4370.4 B. 4230.8 D. $3732.48
Q 11. The Simple Interest on 688 B. 768 D. $828
Q 12. Stuart completed a piece of work alone in 16 days. What fraction of work was completed by him in 6 days? Ops: A. 3/5 B. 5/8 C. 3/4 D. 3/8
Solution
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Q 08. If Kevin's cash quadrupled in 2 years, it means the money grew at a rate that doubled each year. The square root of 4 is 2, so the annual interest rate is 100%. Therefore, the answer is B. 100.
Q 09. Samuel's work rate is 1/12, Bruce's is 1/6, and Carl's is 1/16. If they work together, their combined rate is 1/12 + 1/6 + 1/16 = 24/96 + 48/96 + 18/96 = 90/96 = 15/16 of the work per day. Therefore, they will complete the work in 1/(15/16) = 16/15 days, which is equivalent to 16/5 days. Therefore, the answer is C. 16/5 days.
Q 10. The formula for compound interest is A = P(1 + r/n)^(nt), where A is the amount of money accumulated after n years, including interest. P is the principal amount (the initial amount of money), r is the annual interest rate (in decimal), n is the number of times that interest is compounded per year, and t is the time the money is invested for in years. Substituting the given values, we get A = 3200(1 + 0.16/2)^(2*1) = 3732.48.
Q 11. The formula for simple interest is I = PRT, where I is the interest, P is the principal amount, R is the rate of interest, and T is the time. Substituting the given values, we get I = 7680.205 = 768.
Q 12. If Stuart completed the work in 16 days, then in 1 day he completes 1/16 of the work. Therefore, in 6 days, he completes 6*(1/16) = 6/16 = 3/8 of the work. Therefore, the answer is D. 3/8.
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