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

  • question_answer
    An amount is invested in a bank at compound rate of interest. The total amount, including interest, after first and third year is Rs. 1200 and Rs. 1587 respectively. What is the rate of interest?

    A) 10%

    B) 3.9%

    C) 12%

    D) 15%

    Correct Answer: D

    Solution :

    [d] Let amount = Rs. x and rate of interest = r% annually. According to the question, Amount after 1st year = Rs. 1200 \[\Rightarrow \]   \[x\left( 1+\frac{r}{100} \right)=1200\]                …(i) Amount after IIIrd years = 1587 \[\Rightarrow \]   \[x{{\left( 1+\frac{r}{100} \right)}^{3}}=1587\]             …(ii) On dividing Eq. (ii) from Eq. (i), we get \[{{\left( 1+\frac{r}{100} \right)}^{2}}=\frac{1587}{1200}\] \[\Rightarrow \]   \[1+\frac{r}{100}=\frac{23}{20}\] \[\Rightarrow \]   \[\frac{r}{100}=\frac{3}{20}\] \[\Rightarrow \]   \[r=15%\]


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