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

  • question_answer
    What will be the compound interest obtained on a principal amount of Rs. 5500 at the rate of 3% per annum after 2 yr?

    A) Rs. 343.95

    B) Rs. 324.95

    C) Rs. 354.95

    D) Rs. 334.95

    Correct Answer: D

    Solution :

    [d] \[\because \]P = Rs. 5500, r = 3% and n = 2 yr \[\therefore \]      \[A=P\,{{\left( 1+\frac{r}{100} \right)}^{n}}\]             \[=5500{{\left( 1+\frac{3}{100} \right)}^{2}}\]             = Rs. 5834.95 Hence, \[CI=A-P=(5834.95-5500)\]             = Rs. 334.95


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