Question : The compound interest on a certain sum of money for 2 years at 5% interest is Rs. 328. The sum is:
Option 1: Rs. 3000
Option 2: Rs. 3600
Option 3: Rs. 3200
Option 4: Rs. 3400
Latest: SSC CGL preparation tips to crack the exam
Don't Miss: SSC CGL complete guide
Correct Answer: Rs. 3200
Solution :
Given: Compound interest = Rs. 328
Rate = 5%
Year = 2 years
$\text{Compound interest + Principal}=\text{Principal}×(1+\frac{\text{Rate}}{100})^{\text{Time}}$
⇒ $328=\text{Principal} ((1+\frac{5}{100})^2-1) = \text{Principal}(\frac{441}{400}-1)$
⇒ $\text{Principal} = \frac{328×400}{41}$ = 3200
Hence, the correct answer is Rs. 3200.
Related Questions
Know More about
Staff Selection Commission Combined Grad ...
Answer Key | Eligibility | Application | Selection Process | Preparation Tips | Result | Admit Card
Get Updates Brochure
Your Staff Selection Commission Combined Graduate Level Exam brochure has been successfully mailed to your registered email id “”.
