Question : The compound interest on Rs. 64,000 for 3 years, compounded annually at 7.5% p.a. is:
Option 1: Rs. 14,400
Option 2: Rs. 15,705
Option 3: Rs. 15,507
Option 4: Rs. 15,075
Latest: SSC CGL preparation tips to crack the exam
Don't Miss: SSC CGL complete guide
Correct Answer: Rs. 15,507
Solution :
Amount = $P(1+\frac{R}{100})^{n}$ to calculate the answer.
Where P is the principal amount, R is the rate of interest per annum, and n is the time in years.
Amount = $64000(1+\frac{7.5}{100})^{3}$ = Rs. 79,507
CI = Rs. 79,507 – Rs. 64,000 = Rs.15,507
Hence, the correct answer is Rs. 15,507.
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 “”.
