Question : Ram invested 45% of his salary in a scheme for 3 years which offers 10% per annum compound interest, compounded annually. If he receives INR 5,958 as total interest, then find Ram's salary.
Option 1: INR 45,000
Option 2: INR 50,000
Option 3: INR 36,000
Option 4: INR 40,000
New: SSC MTS Tier 1 Answer key 2024 out
Don't Miss: Month-wise Current Affairs | Upcoming Government Exams
New: Unlock 10% OFF on PTE Academic. Use Code: 'C360SPL10'
Correct Answer: INR 40,000
Solution : Rate, $R$ = 10% Time, $n$ = 3 years Let $P$ be the principal. Interest = INR 5958 When compounded annually, Total amount = $P(1+\frac{R}{100})^n$ $⇒P + 5958 = P(1+\frac{10}{100})^3$ $⇒P + 5958 = P(\frac{11}{10})^3$ $⇒P + 5958 = P(\frac{1331}{1000})$ $⇒5958 = P × \frac{331}{1000}$ $⇒P = \frac{5958000}{331}$ $\therefore P = 18000$ 45% of total salary = 18000 Total salary = $\frac{18000}{0.45}=40000$ Hence, the correct answer is INR 40000.
Application | Cutoff | Selection Process | Preparation Tips | Eligibility | Exam Pattern | Admit Card
Question : The difference between compound interest (compounding annually) and simple interest on a sum at the rate of 30% per annum for 2 years is INR 3,600. What is the sum?
Option 1: INR 75,000
Option 2: INR 40,000
Option 3: INR 50,000
Option 4: INR 60,000
Question : Raja borrowed INR 15,000 on simple interest at the rate of 13% per annum and lent it on compound interest at the rate of 15% per annum, compounded annually. What is Raja's gain in two years?
Option 1: INR 1,080.00
Option 2: INR 1,125.00
Option 3: INR 937.50
Option 4: INR 865.50
Question : A sum invested at a certain rate of interest per annum, compounded annually, amounts to INR 3,600 in 2 years and to INR 6,480 in 4 years. What is the sum invested?
Option 1: INR 2,500
Option 2: INR 2,000
Option 3: INR 2,400
Option 4: INR 3,600
Question : A sum invested at a certain rate of interest per annum, compounded annually, amounts to INR 14,400 in 2 years and to INR 25,920 in 4 years. What is the sum invested?
Option 1: INR 8,200
Option 2: INR 7,500
Option 3: INR 8,500
Option 4: INR 8,000
Question : Find the sum of money invested by a man in a scheme that offers compound interest(compounding annually) at a 6% rate of interest per annum if compound interest for 2 years is Rs. 618.
Option 1: Rs. 7000
Option 2: Rs. 9000
Option 3: Rs. 5000
Option 4: Rs. 4000
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile