Question : The compound interest on Rs. 30000 at 7% per annum for $n$ years is Rs. 4347. The value of $n$ is:
Option 1: $3$ years
Option 2: $2$ years
Option 3: $4$ years
Option 4: $5$ years
Latest: SSC CGL preparation tips to crack the exam
Don't Miss: SSC CGL complete guide
New: Unlock 10% OFF on PTE Academic. Use Code: 'C360SPL10'
Correct Answer: $2$ years
Solution : Given: Principal, $P$ = Rs. 30000 Rate, $R$ = 7% per annum Let time be $n$ years. Compound interest, CI = Rs. 4347 Formula: Amount = $P(1+\frac{R}{100})^{n}$ Solution: Amount = $P + C.I = 30000 + 3437 = 34347$ $34347 = 30000(1+\frac{7}{100})^{n}$ $(\frac{107}{100})^{n}=\frac{34347}{30000}=\frac{11449}{10000}$ ⇒ $(\frac{107}{100})^{n}= (\frac{107}{100})^{2}$ ⇒ $n = 2$ years Hence, the correct answer is 2 years.
Candidates can download this ebook to know all about SSC CGL.
Answer Key | Eligibility | Application | Selection Process | Preparation Tips | Result | Admit Card
Question : The compound interest on Rs. 24000 at 10% per annum for $1\frac{1}{2}$ years, interest being compounded semi-annually is:
Question : The compound interest on Rs.1000 at 10% per annum for 3 years in (Rs) is:
Question : If the simple interest on a sum of money for 2 years at 5% per annum is Rs. 50, the compound interest on the same at the same rate and for the same time 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 : The difference between the compound interest and simple interest on Rs. 5,000 for 2 years at 8% per annum payable yearly is:
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile