Question : A sum amounts to Rs. 6,120 in 2 years and Rs. 7,340 in 3 years at Compound Interest. The sum (in Rs.) is (rounded off to 2 decimal places):
Option 1: 4,050.13
Option 2: 4,254.63
Option 3: 4,850.32
Option 4: 4,560.23
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
Correct Answer: 4,254.63
Solution :
Given: A sum amounts to Rs. 6,120 in 2 years and Rs. 7,340 in 3 years at Compound Interest.
We know the formula,
$A = P \left(1 + \frac{r}{100}\right)^t$
Where $A$ is the final amount after $t$ years, $P$ is the principal amount and $r$ is the annual interest rate.
Interest on Rs. 6,120 for 1 year = Rs. 7,340 – Rs. 6,120 = Rs. 1,220
The rate of interest = $\frac{1,220}{6,120}$ × 100 = 19.93464
Let the sum be Rs. $x$
So, $x \left(1 + \frac{19.93464}{100}\right)^2 = 6120$
⇒ $x=4254.63$
Hence, the correct answer is 4254.63.
Related Questions
Know More about
Staff Selection Commission Combined High ...
Result | Eligibility | Application | Admit Card | Answer Key | Preparation Tips | Cutoff
Get Updates Brochure
Your Staff Selection Commission Combined Higher Secondary Level Exam brochure has been successfully mailed to your registered email id “”.
