Question : If the amounts received at the end of the 2nd and 3rd year at compound Interest on a certain principal are Rs. 24,200 and Rs. 26,620, respectively, what is the rate of interest per annum?
Option 1: 10%
Option 2: 5%
Option 3: 20%
Option 4: 16%
Latest: SSC CGL 2024 final Result Out | SSC CGL preparation tips to crack the exam
Don't Miss: SSC CGL Tier 1 Scorecard 2024 Released | SSC CGL complete guide
Suggested: Month-wise Current Affairs | Upcoming Government Exams
Correct Answer: 10%
Solution : Given: The amount received at the end of 2nd year at compound Interest on a certain principal = Rs. 24,200 The amount received at the end of 3rd year at compound Interest on a certain principal = Rs. 26,620 Formula used: Amount = $P(1+\frac{R}{100})^{n}$ where n is the number of years. Calculation: Amount received at the end of 2nd year at compound Interest $= 24,200 =P(1+\frac{R}{100})^{2}$ ...(i) Amount received at the end of 3rd year at compound Interest $= 26,620 =P(1+\frac{R}{100})^{3}$ ...(ii) On dividing equation (i) by (ii) we get $\frac{26620}{24200} = 1+\frac{R}{100}$ $\frac{11}{10} = 1+\frac{R}{100}$ $\frac{11}{10} -1 = \frac{R}{100}$ $\frac{1}{10} = \frac{R}{100}$ $R=10$% Hence, the correct answer is 10%.
Candidates can download this ebook to know all about SSC CGL.
Admit Card | Eligibility | Application | Selection Process | Preparation Tips | Result | Answer Key
Question : On a certain principal, the compound interest compounded annually for the second year at 10% per annum is Rs. 132. The principal is:
Option 1: Rs. $1250$
Option 2: Rs. $1000$
Option 3: Rs. $1200$
Option 4: Rs. $1320$
Question : If the difference between the compound interest and simple interest on a certain sum at the rate of 5% per annum for 2 years is Rs. 20, then the sum is:
Option 1: Rs. 2000
Option 2: Rs. 4000
Option 3: Rs. 6000
Option 4: Rs. 8000
Question : The compound interest on a certain sum for 2 years at 10% per annum is Rs. 525. The simple interest on the same sum for double the time at half the rate percent per annum is:
Option 1: Rs. 520
Option 2: Rs. 550
Option 3: Rs. 500
Option 4: Rs. 515
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 : The amount (in Rs.) received at 10% per annum compound interest after 3 years is Rs. 1,19,790. What was the principal?
Option 1: 90,000
Option 2: 1,00,000
Option 3: 80,000
Option 4: 75,000
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile