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SSC Sample Paper SSC CGL - Sample Paper-25

  • question_answer
    If the compound interest on a certain sum for two consecutive years is Rs. 220 and Rs. 242, then the rate of interest per annum is

    A) 8%                               

    B) 10%

    C) 11%                             

    D) 12%

    Correct Answer: B

    Solution :

    Let the principle \[=Rs.\,P\] and    Interest \[=r%\] According to question, Interest for a year is Rs. 220 and interest for a consecutive year is Rs. 242. \[\therefore \] Interest on Rs. 220 is\[Rs.(242-220)\] i.e.,                   Rs. 22. \[\therefore \]      \[22=\frac{220\times 1\times r}{100}\] \[\Rightarrow \]   \[r=\frac{2200}{220}=10%\]


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