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SSC MTS 2019 PYQ — Question 57

SSC MTS Previous Year - 06 August 2019 - Shift 3 • Quantitative Aptitude • Q57

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A sum of money Rs.2400 becomes Rs.3600 in 6 years at a certain rate of compound interest (compounded anually). What will be the amount after 12 years at the same rate of interest?

Show answer & explanation

Correct answer: C

Explanation

Correct Answer is option 3 i.e. Rs. 5400

Understanding

Application

P = Rs. 2400

A = Rs. 3600

t = 6

So,

3600 = 2400(1 + r/100)6

(1 + r/100)6 = 3/2

Now,

After 12 years:

Amount = 2400(1 + r/100)12

Since, (1 + r/100)6 = 3/2

⇒ Amount = 2400 × 3/2 × 3/2

⇒ Amount = Rs. 5400