Question : A sum of Rs. 2,000 becomes Rs. 3,120 in two years at a certain rate of simple interest. What is the rate of interest per annum?
Option 1: 34% per annum
Option 2: 33% per annum
Option 3: 30% per annum
Option 4: 28% per annum
New: SSC CHSL Tier 2 answer key released | 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: 28% per annum
Solution :
Principle amount (P) = Rs. 2,000
Amount after two years (A) = Rs. 3,120
Number of years (t) = 2
Interest earned = I = A - P = Rs. 3,120 - Rs. 2,000 = Rs. 1120
Use the formula below.
Simple Interest = $\frac{\text{Principle×Rate×Time}}{100}$
⇒ r = $\frac{(\text{I}\times{100})}{(\text{P}\times{\text{t}})}$
⇒ r = $\frac{(1,120\times100)}{(2,000\times2)}$
⇒ r = 28
So, the annual rate of interest is 28% per annum
Hence, the correct answer is 28% per annum.
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 “”.
Upcoming Exams
Trending Articles around SSC CHSL
