SSC CHSL 2023 PYQ — Question 75

The correct answer is option 4 i.e. ₹8,000.

Let the amount of money lent be 1000 units.

Given that

Rate of interest = 10% p.a.

Time period (T) =  1 year 9 months

The compound interest = ₹1,460

Formula used

Compound interest = $P ({1 + { R \over 100}})^T$ - P

According to the question

For the 1 year, rate of interest = 10%

So, Interest for 1 year = $1000({1 + { 10 \over 100}})^1$ - 1000 = 1100 -1000 = 100 units

Now, for next 9 months, rate of interest = 9 × $10 \over 12$ = $30 \over 4$ = 7.5% p.a.

So, Interest for next 9 months = 1000 × $7.5 \over 100$ + 100 × $7.5 \over 100$ = 82.5 units

Thus, the total compound interest = 100 + 82.5 = 182.5 units

⇒ 182.5 units = 1460

⇒ 1 unit = $1460 \over 182.5$ = 8

⇒ 1000 units = 8 × 1000 = ₹8000

Hence, the amount of money lent is  ₹8000.