Quantitative Aptitude Solving Effective percentage method
Normally we are using traditional methods for answering quantitative
questions, but the winners do the same questions in a smart way. It will reduce
the time taken to solve the question.
Question : Find the compound interest, if the principle
amount is 20000, time period is 2 years and rate of interest is 14 percentages
per annum.
The first method for solving any aptitude
questions is the traditional/conventional method which uses the step by step
procedure to arrive at the final answer.
Here formula for Compound interest is CI = P(1 + r/n)nt
By using the formula method, substituting the variables
and find the final answer will take at least 2 minutes.
The smart way
use to find the compound interest using the effective percentage method.
CI = A + B + AB/100 here A is the rate of interest for
the first year and B is the rate of interest for the second year.
In our case A and B are same and it is 14.
The percentage of is CI = A + B +
AB/100
CI = 14 + 14 + [14*14/100]
= 28 + 1.96
= 29.96 ~~ 30%
The compound interest here is 30% of principle amount
(Rs.20000) which is 6000 rupees. The real answer should be slightly less than
6000 because the CI percentage is 29.96%.
If you are well practiced
in this method it will take less than 30 seconds to solve the question.
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