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SSC Selection Post 2022 PYQ — Question 51

SSC Selection Post - Matriculation Level 2022 - 7 Feb 2022 - Shift 2 • Quantitative Aptitude • Q51

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A sum of money lent on interest, compounded semi-annually, amounts to ₹54,000 in one year and ₹65,340 in two years. What is the rate of interest per annum?

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Correct answer: A

Explanation

The correct answer is option 1 i.e. 20%.

Amount after 2 years = ₹65,340

Amount after 1 year = ₹54,000

⇒ A2A1=(1+r100)2{A_2\over A_1}=(1+{r\over100})^2

⇒ 6534054000=(1+r100)2{65340\over 54000}=(1+{r\over100})^2

⇒ 1.21=(1+r100)21.21=(1+{r\over100})^2

⇒ 1.1=(1+r100)1.1=(1+{r\over100})

⇒ r100{r\over100} = 0.1

⇒ r = 10

So, the rate per half year = 10%

Rate per annum = 10% × 2 = 20%