SSC CGL 2022 PYQ — Question 69

The correct answer is Option 3 i.e. Rs.10,500.

Given:

Amount = Rs.15,500

Time = 7 years

Rate = 30% p.a.

Concept Used:

Amount = Principle + Interest     ....(i)

S.I. = ${P\ \times\ R\ \times\ T}\over 100$     ....(ii)

Explanation:

Let the principle be Rs. P and interest be Rs. I.

Now, Using equation (ii), we get 

I = ${P \times 30 \times 7} \over 100$     (iii)

And, from equation (i), we get

P + I = 15,500

P = 15,500 - I   ...(iv)

Using equation (iv) in equation (iii), we get

I = ${(15,500 - I) \times 30 \times 7} \over 100$

⇒ 10I = 325500 - 21I

⇒ 31I = 325500

⇒ I = 10500

Hence the interest after 7 years is Rs. 10,500.