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SSC Quantitative Aptitude Simple Interest Question Bank Simple and Compound Interest (II)

  • question_answer
    The compound interest on Rs. 5000 for 3 yr at 10% per annum will amount to

    A) Rs. 1654

    B) Rs. 1655

    C) Rs. 1600

    D) Rs. 1565

    Correct Answer: B

    Solution :

    [b] Required compound interest \[=P\left[ {{\left( 1+\frac{r}{100} \right)}^{3}}-1 \right]\]             \[=5000\left[ {{\left( 1+\frac{10}{100} \right)}^{3}}-1 \right]\]             \[=5000\times \left[ {{\left( \frac{11}{10} \right)}^{3}}-1 \right]\] \[=5000(1.331-1)\] \[=\text{Rs}.\,1655\]


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