Question : In how many years will Rs. 2,000 yield Rs. 662 as a compound interest at 10% per annum compounded annually?
Option 1: 3
Option 2: 2
Option 3: 4
Option 4: 5
Latest: SSC CGL 2024 final Result Out | SSC CGL preparation tips to crack the exam
Don't Miss: SSC CGL Tier 1 Scorecard 2024 Released | SSC CGL complete guide
Suggested: Month-wise Current Affairs | Upcoming Government Exams
Correct Answer: 3
Solution : Rate, R = 10% Principal amount, P = Rs. 2,000 Compound interest, CI = Rs. 662 When compounded annually, Compound interest after n years = $P[(1+\frac{R}{100})^{n} –1)]$ ⇒ $662 = 2000[(1+\frac{10}{100})^{n} –1)]$ ⇒ $2662 = 2000(1+\frac{10}{100})^{n})$ ⇒ $1.331= (1.1)^{n}$ ⇒ $n = 3$ years Hence, the correct answer is 3 years.
Candidates can download this ebook to know all about SSC CGL.
Admit Card | Eligibility | Application | Selection Process | Preparation Tips | Result | Answer Key
Question : The compound interest on Rs. 24000 at 10% per annum for $1\frac{1}{2}$ years, interest being compounded semi-annually is:
Option 1: Rs. 3783
Option 2: Rs. 3777
Option 3: Rs. 3780
Option 4: Rs. 3781
Question : In how many months will Rs. 8000 yield Rs. 2648 if compound interest at 20% per annum is compounded semi-annually?
Option 1: 18
Option 2: 24
Option 3: 12
Option 4: 30
Question : In how many years will a sum of Rs. 3000 yield an interest of Rs.1080 at 12% per annum simple interest?
Option 1: $4$ years
Option 2: $3$ years
Option 3: $5$ years
Option 4: $2\frac{1}{2}$ years
Question : The difference between Simple and Compound Interest (compounded annually) on Rs. 40,000 for 3 years at 8% per annum is:
Option 1: Rs. 684.32
Option 2: Rs. 788.48
Option 3: Rs. 784.58
Option 4: Rs. 4,000
Question : The difference between simple and compound interest (compounded annually) on a sum of money for 3 years at 10% per annum is Rs. 93. The sum (in Rs.) is:
Option 1: 30000
Option 2: 30300
Option 3: 3000
Option 4: 3030
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile