JAMIA 2026 Reasoning PYQ — The compound interest on a principal amount for 2 years is equal … | Mathem Solvex | Mathem Solvex
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JAMIA 2026 — Reasoning PYQ
JAMIA | Reasoning | 2026
The compound interest on a principal amount for 2 years is equal to the simple interest on the same principal amount for 3 years at an interest rate of 7% per annum. Find the rate of compound interest.
Choose the correct answer:
A.
9%
B.
10%
(Correct Answer)
C.
11%
D.
12%
Correct Answer:
10%
Explanation
Step 1: Find the Simple Interest (SI)
Let the common principal amount be P.
For Simple Interest, we are given:
Rate of interest (Rsi) = 7% per annum
Time (Tsi) = 3 years
The formula for Simple Interest is:
SI=100P×Rsi×Tsi
Substitute the values:
SI=100P×7×3=10021P
Step 2: Set up the Compound Interest (CI) Equation
Let the unknown rate of compound interest be R%.
For Compound Interest, we are given:
Time (Tci) = 2 years
The formula for Compound Interest is:
CI=P[(1+100R)2−1]
Step 3: Equate Simple Interest and Compound Interest
According to the problem statement, CI=SI:
P[(1+100R)2−1]=10021P
Since P is present on both sides and P=0, we can cancel P:
(1+100R)2−1=10021
Move −1 to the right side:
(1+100R)2=10021+1
(1+100R)2=100121
Take the square root on both sides:
1+100R=100121
1+100R=1011
Now, solve for R:
100R=1011−1
100R=101
R=10100=10%
Explanation
Step 1: Find the Simple Interest (SI)
Let the common principal amount be P.
For Simple Interest, we are given:
Rate of interest (Rsi) = 7% per annum
Time (Tsi) = 3 years
The formula for Simple Interest is:
SI=100P×Rsi×Tsi
Substitute the values:
SI=100P×7×3=10021P
Step 2: Set up the Compound Interest (CI) Equation
Let the unknown rate of compound interest be R%.
For Compound Interest, we are given:
Time (Tci) = 2 years
The formula for Compound Interest is:
CI=P[(1+100R)2−1]
Step 3: Equate Simple Interest and Compound Interest
According to the problem statement, CI=SI:
P[(1+100R)2−1]=10021P
Since P is present on both sides and P=0, we can cancel P:
