Question : There is a 40% increase in an amount in 8 years at simple interest. What will be the compound interest on Rs. 10,000 after 3 years at the same rate?
Option 1: Rs. 1,576.25
Option 2: Rs. 6,305
Option 3: Rs. 7,881.25
Option 4: Rs. 4,728.75
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. 1,576.25
Solution : Given: There is a 40% increase in the amount in 8 years at simple interest (SI) Principal ($P$) = Rs. 10000 Time ($T$) = 3 years Let the rate of interest be $R$% per annum. Formula Used: SI = $\frac{PRT}{100}$ Compound interest (CI) = $P(1+\frac{R}{100})^{n}-P$ So, $\frac{40}{100} \times P= \frac{P \times 8 \times R}{100}$ ⇒ $R = \frac{40}{8} = 5$% We know that CI = $10000(1+\frac{5}{100})^{3}-10000$ = $10000 \times 1.1576 -10000$ = $1576.25$ Hence, the correct answer is Rs. 1,576.25.
Candidates can download this ebook to know all about SSC CGL.
Answer Key | Eligibility | Application | Selection Process | Preparation Tips | Result | Admit Card
Question : The difference between compound interest and simple interest on an amount of Rs. 15,000 for 2 years is Rs. 96. The rate of interest per annum is:
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:
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 : An amount becomes double in 8 years on simple interest. In how many years would Rs. 25,000 become Rs. 1,00,000 with the same rate of interest?
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?
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile