Question : Basanthi deposited INR 50,000 in a co-operative bank which is giving compound interest at the rate of 10% per annum. What will be her interest in the 3rd year?
Option 1: INR 66,550
Option 2: INR 6,050
Option 3: INR 5,050
Option 4: INR 10,050
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
New: Unlock 10% OFF on PTE Academic. Use Code: 'C360SPL10'
Correct Answer: INR 6,050
Solution : Principal sum = INR 50000 Rate = 10% per annum compounded annually Interest in first year = 10% of 50000 = 5000 Amount after one year = 55000 Interest in second year = 10% of 55000 = 5500 Amount after two years = 55000 + 5500 = 60500 Interest in third year = 10% of 60500 = 6050 Hence, the correct answer is INR 6050.
Candidates can download this e-book to give a boost to thier preparation.
Result | Eligibility | Application | Admit Card | Answer Key | Preparation Tips | Cutoff
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 : Find the compound interest on INR 50,000 for one year at 8% per annum when compounded half-yearly.
Question : The difference between the simple and compound interest on a certain sum of money at an $8\%$ rate of interest per annum for two years is INR 56. Find the sum.
Question : At what rate of compound interest (compounding annually) per annum will a sum of Rs. 1,000 become Rs. 1,060.90 in 2 years?
Question : If the difference between the compound interest and simple interest on a certain sum of money for 3 years at the rate of 4% per annum is INR 76, then what is the sum?
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile