Question : A sum of Rs. 3200, invested at 10% p.a. compounded quarterly, amounts to Rs. 3362. Compute the time.
Option 1: $\frac{1}{2}$ year
Option 2: $1$ year
Option 3: $2$ years
Option 4: $\frac{3}{4}$ year
New: SSC CGL 2025 Tier-1 Result
Latest: SSC CGL complete guide
Suggested: Month-wise Current Affairs | Upcoming Government Exams
Correct Answer: $\frac{1}{2}$ year
Solution : Given: Principal = Rs. 3200 Amount = Rs. 3362 Rate = 10% per annum = $\frac{10}{4}=\frac{5}{2}$ per quarter $\text{Compound interest + Principal}=\text{Principal}×(1+\frac{\text{Rate}}{100})^{\text{Time}}$ ⇒ $3362 = 3200×(1+\frac{5}{2×100})^n$ ⇒ $\frac{3362}{3200}=(\frac{41}{40})^n$ ⇒ $\frac{1681}{1600}=(\frac{41}{40})^n$ ∴ $(\frac{41}{40})^2=(\frac{41}{40})^n$ Comparing the powers, $n = 2$ quarters or $\frac{1}{2}$ year. Hence, the correct answer is $\frac{1}{2}$ year.
Candidates can download this ebook to know all about SSC CGL.
Answer Key | Eligibility | Application | Selection Process | Preparation Tips | Result | Admit Card
Question : In how many years will a sum of Rs. 800 at 10% per annum compounded semi-annually become Rs. 926.10?
Option 1: $2\frac{1}{2}$ years
Option 2: $3$ years
Option 4: $1\frac{1}{2}$ years
Question : A sum of money invested at compound interest amounts to Rs. 800 in 3 years and to Rs. 840 in 4 years. The rate of interest per annum is:
Option 1: $2\frac{1}{2}$%
Option 2: $4$%
Option 3: $5$%
Option 4: $6\frac{2}{3}$%
Question : In 3 years, Rs. 3000 amounts to Rs. 3993 at $x$% compound interest compounded annually. The value of $x$ is ___.
Option 1: $10$
Option 2: $8$
Option 3: $5$
Option 4: $3\frac{1}{3}$
Question : A sum of money invested at 20% compound interest (compounded annually). It would fetch Rs. 723 more in 2 years if interest is compounded half-yearly. The sum is:
Option 1: Rs. 15,000
Option 2: Rs. 30,000
Option 3: Rs. 20,000
Option 4: Rs. 7,500
Question : A sum of Rs. 400 becomes Rs. 448 at simple interest in 2 years. In how many years will the sum of Rs. 550 amounts to Rs. 682 at the same rate?
Option 1: 2 years
Option 2: 3 years
Option 3: 3.5 years
Option 4: 4 years
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile