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SSC CHSL 2024 PYQ — Question 52

SSC CHSL - 03 July 2024 - Shift 2 • Quantitative Aptitude • Q52

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A man invested a sum of ₹5,000 on simple interest for 5 years such that the rate of interest for the first 2 years is 10% per annum, for the next 3 years it is 12% per annum How much interest (in ₹), will he earn at the end of 5 years?

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Correct answer: B

Explanation

The correct answer is option 2 i.e. 2800.

Given that, principle, P = ₹5,000

Time = 5 years

Rate for first 2 years = 10%

Rate for next 3 years = 12%

Simple interest, SI=P×R×T100SI = {{P \times R \times T}\over 100}

According to the given question,

SI=5000×10×2100+5000×12×3100SI = {{5000 \times 10 \times 2}\over 100} + {{5000 \times 12 \times 3}\over 100}

⇒ SI = 1000 + 1800

⇒ SI = 2800

Hence the interest earned in 5 years is 2800.