Question : If INR 2,000 is invested at a simple interest rate of 5% per annum and the interest is added to the principal after 10 years, then in how many years will it amount to INR 4,000 at the same rate of interest?
Option 1: $18 \frac{2}{3}$ years
Option 2: $16 \frac{1}{3}$ years
Option 3: $16 \frac{2}{3}$ years
Option 4: $18 \frac{1}{3}$ years
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: $16 \frac{2}{3}$ years
Solution : Simple interest for 10 years = $\frac{\text{Principal × Rate × Time}{}}{100}$ = $\frac{\text{2000 × 5 × 10}{}}{100}$ = $1000$ Amount after 10 year = 2000 + 1000 = 3000 To get INR 4000 = 4000 – 3000 = 1000 is required. $\therefore$ Simple interest = 1000 Principal becomes = 3000 Rate = 5% Simple interest = $\frac{\text{Principal × Rate × Time}{}}{100}$ ⇒ $1000 = \frac{\text{3000 × 5 × Time}{}}{100}$ ⇒ Time $=\frac{20}{3}$ years ⇒ Time $=6 \frac{2}{3}$ years Total time $= 10 + 6 \frac{2}{3}= 16 \frac{2}{3}$ years Hence, the correct answer is $16 \frac{2}{3}$ years.
Candidates can download this e-book to give a boost to thier preparation.
Result | Eligibility | Application | Admit Card | Answer Key | Preparation Tips | Cutoff
Question : The simple interest on a sum of money is $\frac {1}{16}$th of the principal and the number of years is equal to the rate per cent per annum. The rate per annum is:
Question : If the simple interest on a certain sum of money is INR 11,220 at the rate of $16 \frac{1}{2} \%$ per annum for 8 years and 3 months, then what is the principal amount (in INR, rounded off to the nearest rupee)?
Question : The simple interest on a sum of money in 6 years at the rate of 15% per annum is INR 1,440 less than the simple interest accrued on the same sum in 9 years at 18% per annum. What is the sum of money (in INR)?
Question : A man invested INR 4,500 at 5% per annum and INR 5,500 at 8% per annum simple interest. Both investments were for 4 years each. The amount received from the lower rate of interest is what percent (rounded off to the nearest integer) of the amount received from the higher rate
Question : If the amount is $3\frac{3}{8}$ times the sum after 3 years at compound interest compounded annually, then the Rate of interest per annum is:
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile