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SSC Selection Post 2022 PYQ — Question 59

SSC Selection Post - Matriculation Level - 05 Aug 2022 - Shift 3 • Quantitative Aptitude • Q59

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A man borrowed Rs.46,000 at 5% per annum compound interest, compounded annually. How much money (in Rs.) will he pay as interest at the end of 2 years to clear his debt?

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Correct answer: C

Explanation

The correct answer is option 3 i.e. 4715. 

A=P×(1+R100)nA = P \times \left(1 + \frac{R}{100}\right)^n

= 46,000 × (1 + 0.05)2

= 46,000 × (1.05)2 = 50715

Interest = Amount – Principal

Interest = 50,715 − 46,000 = 4,715 Rs