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Home / Aptitude / Quantitative Aptitude Shortcut Tricks For IBPS Exam – Part V

Quantitative Aptitude Shortcut Tricks For IBPS Exam – Part V

(Part IV) consists of shortcut methods, tips and tricks to solve question from Probability, Banker’s Discount and Time and Distance. Now (Part V) includes another three very important section from quantitative aptitudes including “Simple and Compound Interest”, “Partnership” and “Calendar”.

Aptitude for IBPS Banking I

Shortcut methods and tricks to solve questions from Simple and Compound Interest are given below:

Simple Interest

Definition of Principal

Certain amount of money borrowed for a certain time period is called Principal or Sum.

Definition of Amount

When simple interest is added to the Principal, the result is called the Amount

Amount (A) = S.I. (Simple Interest) + P (Principal)

S.I. = A – P

If P = Principal, R = Rate of Interest and T = Time in the Year, then

S.I = (P*R*T) / 100

P = (S.I*100) / ( R*T)

R = (S.I*100) / (P*T)

T = (S.I*100) / (P*R)

Compound Interest (C.I)

If P = Principal, R = Rate of Interest and T = Time in the Year, then the calculation of compound interest is as below:

When interest is compounded annually

Amount = P[1 + (R / 100)]T

or C.I = Amount – P

When interest is compounded Half-yearly

Amount = P[1 + {R / (2 x 100)}]2T

When interest is compounded Quarterly

Amount = P[1 + {R / (4 x 100)}]4T

When interest is compounded annually but time is in a fraction, as T(x/y) years, then

Amount = P[1 + (R / 100)]T x [1 + {(x/y) R} / 100)]

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Shortcut methods and tricks to solve questions from ‘Partnership’ are given below:

If a business or firm is run by the investment of more than one person’s agreement, then this kind of agreement is called Partnership.

There are two types of partners – Sleeping (invests but not get involved directly to run the firm or business) and working partners (invests and also get involved directly to run the firm or business).

There are two types of partnership – Simple (capitals of partners are invested for the same period of time) and Compound (capitals of partners are invested for the different period of time).

Basic Formulas for Simple Partnership:

(Capital of A / Capital of B) = (Profit of A / Profit of B)

(Capital of A : Capital of B) = (Profit of A : Profit of B)

Basic Formulas for Compound Partnership:

(Capital of A x Time Period of A / Capital of B x Time Period of B) = (Profit of A / Profit of B)

(Capital of A x Time Period of A : Capital of B x Time Period of B) = (Profit of A : Profit of B)

If n partners are investing for different period of time then,

C1T1: C2T2: C3T3: … : CnTn= P1: P2: P3: … : Pn

Rule 1

If two partners are investing their money X1 and X2 for equal period of time and their total profit is P then their shares of profit are:

(X1 x P) / (X1 + X2) and (X2 x P) / (X1 + X2)

If these partners are investing their money for different period of time which is T1 and T2, then their profits are:

(X1 x P x T1) / (X1T1 + X2T2) and (X2 x P xT2) / (X1T1 + X2T2)

Rule 2

If n partners are investing their money X1, X2, …, Xn for equal period of time and their total profit is P then their shares of profit are:

(X1 x P) / (X1 + X2+…………+Xn), (X2 x P) / (X1 + X2+…………+Xn), ……………………, ( Xn x P) / (X1 + X2+…………+Xn)

If these partners are investing their money for different period of time which is T1, T2,… , Tn then their profits are:

(X1 x T1 x P) / (XT1 + X2T2+…………+XnTn), (X2 x T2 x P) / (X1T1 + X2T2+…………+XnTn), ……………………, ( Xn x Tn x P) / (X1T1 + X2T2+…………+XnTn)

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Shortcut methods and tricks to solve questions from ‘Calendar’ are given below:

Odd Days

Number of days more than the complete weeks are called odd days in a given period

Leap Year

366 days year is a Leap year, where the February is of 29 days.

If a year is not a century, then every year divisible by 4 is a leap year.

Examples:

1948, 2012, 1684 etc. are leap years.

1993, 2007 etc. are not leap years.

Every 4th century is a leap year and no other century is a leap year.

Examples:

800, 1200, 1600 etc. are leap years.
200, 500, 700 etc. are not leap years.

Counting odd days and Calculating the day of any particular date

1 ordinary year ≡ 365 days ≡ (52 weeks + 1 day)

Hence number of odd days in 1 ordinary year= 1.

1 leap year ≡ 366 days ≡ (52 weeks + 2 days)

Hence number of odd days in 1 leap year= 2.

100 years ≡ (76 ordinary years + 24 leap years )

≡(76 x 1 + 24 x 2) odd days

≡ 124 odd days.

≡ (17 weeks + 5 days)

≡ 5 odd days.

Hence number of odd days in 100 years = 5.

Number of odd days in 200 years = (5 x 2) = 10 ≡ 3 odd days

Number of odd days in 300 years = (5 x 3) = 15 ≡ 1 odd days

Number of odd days in 400 years = (5 x 4 + 1) = 21 ≡ 0 odd days

Similarly, the number of odd days in all 4th centuries (400, 800, 1200 etc.) = 0

Mapping of the number of odd day to the day of the week is given below:

Number of odd days

Last day of a century cannot be Tuesday or Thursday or Saturday.

For the calendars of two different years to be the same, the following conditions must be satisfied.

1. Both years must be of the same type. i.e., both years must be ordinary years or both years must be leap years.

2. 1st January of both the years must be the same day of the week.

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                                                                                                                        (……to be continued in Part VI)

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