Question : The difference between simple and compound Interest compounded annually on a certain sum of money for 2 years at 4% per annum is Rs. 8. The sum is:
Option 1: Rs. 10,000
Option 2: Rs. 20,000
Option 3: Rs. 5,000
Option 4: Rs. 15,000
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: Rs. 5,000
Solution : Given: The difference between simple interest (SI) and compound interest (CI) compounded annually on a certain sum of money for 2 years at 4% per annum is Rs. 8. Time = 2 years Rate ($R$) = 4% per annum Let the principal be Rs. $P$. Formula Used: The difference between CI and SI for the same sum and same rate for 2 years = $\frac{PR^2}{10000}$ ⇒ $8 =P\times \frac{4^2}{10000}$ ⇒ $P = 5000$ Hence, the correct answer is Rs. 5,000.
Candidates can download this ebook to know all about SSC CGL.
Admit Card | Eligibility | Application | Selection Process | Preparation Tips | Result | Answer Key
Question : The difference between simple and compound interest (compounded annually) on a sum of money for 3 years at 10% per annum is Rs. 93. The sum (in Rs.) 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 : The difference between Simple and Compound Interest (compounded annually) on Rs. 40,000 for 3 years at 8% per annum is:
Question : The difference between Compound Interest and Simple Interest on a certain sum of money for 2 years at 5% per annum is Rs. 41. What is the total sum?
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