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SSC Sample Paper SSC CGL - Sample Paper-30

  • question_answer
    A sum of money on compound interest amount to Rs. 9680 in 2 yr and to Rs. 10648 in 3 yr. What is the rate of interest per annum?

    A) 5%                               

    B) 10%

    C) 15%                             

    D) 20%

    Correct Answer: B

    Solution :

    Let the rate of interest per annum be R% and principal amount be Rs. P, then Amount in 2 yr, \[P{{\left( 1+\frac{R}{100} \right)}^{2}}=9680\]      ?(i) and amount in 3 yr, \[P{{\left( 1+\frac{R}{100} \right)}^{3}}=10648\]     ?(ii) Dividing Eq. (ii) by Eq. (i),             \[1+\frac{R}{100}=\frac{10648}{9680}\] \[\Rightarrow \]   \[R=\left( \frac{10648}{9680}-1 \right)\times 100\] \[\therefore \]      \[R=\frac{968}{9680}\times 100=10%\]


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