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. 100 B. 80 C. 50 D. 200 Q 09. 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. $3732.48 B. $3214.5 C. $4230.8 D. $4370.4 Q 10. 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. 16/5 days B. 13/25 days C. 24/5 days D. 7/8 days
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. 100 B. 80 C. 50 D. 200
Q 09. David invested 3732.48 B. 4230.8 D. $4370.4
Q 10. 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. 16/5 days B. 13/25 days C. 24/5 days D. 7/8 days
Solution
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Q 08. If Kevin's cash quadrupled in 2 years, it means the money grew to 4 times its original amount. 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. In this case, we know that A/P = 4 and t = 2. We also know that the interest is compounded annually, so n = 1. Substituting these values into the formula, we get 4 = (1 + r)^2. Solving this equation for r gives r = sqrt(4) - 1 = 1. So, the annual interest rate is 100%, which means the answer is A. 100.
Q 09. The formula for compound interest is A = P(1 + r/n)^(nt). In this case, P = 3732.48. So, the answer is A. $3732.48.
Q 10. The rate at which Samuel can do the work is 1/12 work/day, the rate at which Bruce can do the work is 1/6 work/day, and the rate at which Carl can do the work is 1/16 work/day. If they all work together, their combined rate is 1/12 + 1/6 + 1/16 = 24/96 + 16/96 + 6/96 = 46/96 = 23/48 work/day. Therefore, they will take 48/23 days to complete the work together, which is approximately 2.087 days. However, this answer is not in the options given. It seems there might be a mistake in the question or the options.
Similar Questions
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. $4230.8 B. $3214.5 C. $4370.4 D. $3732.48
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