Question : What is the compound interest on INR 62,500 for 2 years at 8% per annum compounded yearly?
Option 1: INR 10,500
Option 2: INR 10,300
Option 3: INR 10,400
Option 4: INR 10,600
New: SSC CHSL Tier 2 answer key released | SSC CHSL 2024 Notification PDF
Recommended: How to crack SSC CHSL | SSC CHSL exam guide
Don't Miss: Month-wise Current Affairs | Upcoming government exams
New: Unlock 10% OFF on PTE Academic. Use Code: 'C360SPL10'
Correct Answer: INR 10,400
Solution : When compounded annually, $ A= P(1+\frac{R}{100})^{n}$, Where $A$ is the total amount, $P$ is the principal amount, $R$ is the rate of interest per annum, and $n$ is the time in years. Given: $P$ = Rs. 62500 $R$ = 8% $n$ = 2 years We know that, $A = P(1+\frac{R}{100})^n$ $A = 62500(1+\frac{8}{100})^2$ = $62500(\frac{27}{25})^2$ = $\frac{62500×27×27}{25×25}$ = 72900 Compound interest = $A – P$ = 72900 – 62500 = 10400 Hence, the correct answer is INR 10,400.
Candidates can download this e-book to give a boost to thier preparation.
Result | Eligibility | Application | Admit Card | Answer Key | Preparation Tips | Cutoff
Question : What is the difference between the compound interest on INR 6,400 for 1 year at 5% per annum compounded yearly and half-yearly?
Question : What is the Compound interest on INR 25,000 for 3 years at 10% per annum compounded yearly?
Question : Find the compound interest on INR 50,000 for one year at 8% per annum when compounded half-yearly.
Question : Find the Compound Interest on INR 10,000 for $1 \frac{1}{2}$ years at 20% per annum, interest is payable half-yearly.
Question : The simple interest on a certain sum for 3 years at 8% per annum is INR 9120 less than the simple interest on the same sum for 7 years at 8% per annum. Find the sum.
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile