Question : A deposited INR 1,56,250 at 8% simple interest for 2 years. How much more money will A have in his account at the end of two years, if at the same rate of interest, the sum is invested in compound interest, compounded annually?
Option 1: INR 1,740.90
Option 2: INR 1,000
Option 3: INR 2,000
Option 4: INR 1,540.40
New: SSC CHSL tier 1 answer key 2024 out | SSC CHSL 2024 Notification PDF
Recommended: How to crack SSC CHSL | SSC CHSL exam guide
Don't Miss: Month-wise Current Affairs | Upcoming government exams
New: Unlock 10% OFF on PTE Academic. Use Code: 'C360SPL10'
Correct Answer: INR 1,000
Solution : Principal Amount, $P$ = INR 156250 Rate of interest, $R$% = 8% Difference between Simple interest and Compound interest for 2 years = $P(\frac{R}{100})^2$ where $P$ is principal, $R$ is the rate of interest. Extra interest = Difference between Simple interest and Compound interest for 2 years = $156250\times (\frac{8}{100})^2$ = INR 1000 Hence, the correct answer is INR 1,000.
Candidates can download this e-book to give a boost to thier preparation.
Result | Eligibility | Application | Admit Card | Answer Key | Preparation Tips | Cutoff
Question : A certain sum was invested at the rate of 10% for 2 years at Compound interest and compounded annually. The same sum was invested for the same period and the same rate of interest at Simple interest. If the difference between Compound interest and Simple interest was
Question : The compound interest accrued on a sum of INR 20,000 at the end of 2 years compounded annually is INR 2,050. Find the compound interest at the end of the 3rd year.
Question : Radha deposited INR 1,60,000 at a 10% rate of Compound Interest per annum for two years. If the interest is compounded semi-annually, then what is the Compound Interest (in INR)?
Question : A sum of INR 10,000 was invested at a rate of 10% per annum for 2 years, compounded half-yearly. Find the compound interest.
Question : Compound interest on a certain sum of money invested for 1.5 years at the rate of 10% per annum, compounded half-yearly is INR 5,044. What is the sum?
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile