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SSC Selection Post 2022 PYQ — Question 73

SSC Selection Post - Higher Secondary Level 2022 - 2 Aug 2022 - Shift 2 • Quantitative Aptitude • Q73

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A sum of money on compound interest amounts to ₹13,200 in 2 years and ₹14,520 in 3 years. What is the rate of interest per annum?

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Correct answer: B

Explanation

The correct answer is option 2 i.e. 10%.

Amount = P(1 + R/100)T

According to the given question,

For 2 years, 13200 = P(1 + R/100)2   ...(i)

For 3 years, 14520 = P(1 + R/100)3   ...(ii)

Dividing equation (ii) by equation (i),

⇒ 1452013200=1+R100\frac{14520}{13200} = {1 + \frac{R}{100}}

⇒ R/100 = 1320/13200

⇒ R = 10%