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SSC CPO 2020 PYQ — Question 104

SSC CPO - 25 Nov 2020 - Shift 1 • Quantitative Aptitude • Q104

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A sum amounts to Rs. 7,562 in 4 years and to Rs. 8,469.44 in 5 years, at a certain rate percent per annum when the interest is compounded yearly. If Rs. 10,000 at the same rate of interest is borrowed for two years, then what will be the compound interest (in Rs.)?

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Correct answer: A

Explanation

The correct answer is Option 1 i.e. 2455.

Let the rate of interest be R %.

C.I. for the fifth year = 907.44

C.I. for fifth year = R % of (Amount in fourth year)

Now,

⇒ 907.44 = R100×7562\frac{R}{100} \times 7562 

⇒ R = 907447562\frac{90744}{7562}  = 12%

⇒ CI = 10,000×[(1+12100)−1]10,000\times[(1+\frac{12}{100})-1]

⇒ CI = 10,000 × 0.2544

⇒ CI = Rs. 2,544