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SSC Selection Post 2024 PYQ — Question 54

SSC Selection Post - Matriculation Level - 25 June 2024 - Shift 1 • Quantitative Aptitude • Q54

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A bank gives simple interest at the rate of 4.5% per annum. How much money (in ₹) should a person deposit to get ₹7,500 as interest every year?

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Correct answer: D

Explanation

The correct answer is Option 4 i.e. 1,66,666.67.

Let principal = P

SI = P×R×T100P × R × T\over100

⇒ 7500 = P×4.5×1100P × 4.5 × 1\over100

⇒ P = 1,66,666.67