IMO Practice Test — Banking
6 Questions • 15 min • Olympiad level
15:00
Question 1 of 6
medium
A savings account had balances: ₹2,500 (April 1-10), ₹3,800 (April 11-20), ₹2,200 (April 21-30). Bank pays 3.5% interest. Find interest for April (30 days).
₹7.89
₹8.25
₹8.97
₹9.12
Explanation: Products: 2500×10=25000; 3800×10=38000; 2200×10=22000; Total=85000; Avg=85000/30=2833.33; Interest=(2833.33×3.5×30)/(100×365)=2833.33×1050/36500=₹8.97
Question 2 of 6
medium
An FD of ₹1,00,000 at 8% compounded annually for 3 years. Another FD of same amount at 8.5% simple interest for 3 years. Which gives more interest and by how much?
Compound by ₹471
Simple by ₹471
Compound by ₹2,496
Simple by ₹2,496
Explanation: Compound interest: $A=100000(1.08)^{3}=125971.20$, so CI $=25971.20$. Simple interest: $I=\frac{100000 \times 8.5 \times 3}{100}=25500$. Difference $=25971.20-25500=471.20$. The compound-interest FD earns about ₹471 more.
Question 3 of 6
medium
An RD of ₹1,000 per month for 18 months earns ₹1,425 interest. Find the rate of interest.
8%
9%
10%
11%
Explanation: The equivalent principal for RD interest is $P \cdot \frac{n(n+1)}{2 \times 12}=1000 \cdot \frac{18 \times 19}{24}=14250$. Then $I=\frac{14250 \times R \times 1}{100}=142.5R$. Setting $142.5R=1425$ gives $R=10\%$.
Question 4 of 6
medium
A person deposits ₹15,000 in a bank at 10% simple interest. After 2 years, he withdraws ₹5,000. What is the balance after another 3 years?
₹16,900
₹18,250
₹19,000
₹20,000
Explanation: For the first 2 years the interest is $\frac{15000 \times 10 \times 2}{100}=3000$, so the amount is $18000$. After withdrawing ₹5000 the balance is $13000$. Over the next 3 years the interest is $\frac{13000 \times 10 \times 3}{100}=3900$. Final balance $=13000+3900=16900$.
Question 5 of 6
medium
A bank offers 6% interest on FD for senior citizens (regular is 5.5%). A senior citizen deposits ₹80,000 for 4 years. How much extra interest does he get compared to a regular customer?
₹1,200
₹1,400
₹1,600
₹1,800
Explanation: Senior: I=80000×6×4/100=19200; Regular: I=80000×5.5×4/100=17600; Extra=19200-17600=1600
Question 6 of 6
medium
An RD of ₹500 per month for 2 years matures to ₹13,000. Find the rate of interest.
6%
7%
8%
9%
Explanation: Total deposit=500×24=12000; Interest=13000-12000=1000; Equivalent principal=500×24×25/24=500×25=12500; Interest=1000=12500×R×1/100 (Time=1 year equivalent); 1000=125R; R=8%