Question : If Rs. 10000 amounts to Rs. 11664 invested in compound interest (compounded annually) for two years then the annual rate of compound interest is:
Option 1: 10%
Option 2: 9%
Option 3: 8%
Option 4: 6%
Latest: SSC CGL Tier 1 Result 2024 Out | SSC CGL preparation tips to crack the exam
Don't Miss: SSC CGL Tier 1 Scorecard 2024 Released | SSC CGL complete guide
Suggested: Month-wise Current Affairs | Upcoming Government Exams
Correct Answer: 8%
Solution : Principal ($P$) = Rs. 10000 Let the rate of Interest be $R$. Time ($n$) = 2 years $11664= P(1+\frac{R}{100})^{n} = 10000(1+\frac{R}{100})^{2}$ $(\frac{11664}{10000}) = (1+\frac{R}{100})^{2}$ $(\frac{108}{100})^{2} = (1+\frac{R}{100})^{2}$ $\frac{R}{100} = \frac{108}{100} - 1 = \frac{8}{100}$ $R = 8$% Hence, the correct answer is 8%.
Candidates can download this ebook to know all about SSC CGL.
Admit Card | Eligibility | Application | Selection Process | Preparation Tips | Result | Answer Key
Question : In 3 years, Rs. 3000 amounts to Rs. 3993 at $x$% compound interest compounded annually. The value of $x$ is ___.
Question : A sum of money invested at compound interest amounts to Rs. 800 in 3 years and to Rs. 840 in 4 years. The rate of interest per annum is:
Question : A sum of money invested at 20% compound interest (compounded annually). It would fetch Rs. 723 more in 2 years if interest is compounded half-yearly. The sum is:
Question : A sum of Rs. 2000 amounts to Rs. 4000 in two years at compound interest. In how many years will the same amount become Rs. 8000?
Question : The simple interest on a certain sum of money for 2 years at 5% is Rs. 1600. The compound interest at the same rate after 3 years (interest compounded annually) is:
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile