SarkariPYQ

SSC CGL 2022 PYQ — Question 52

SSC CGL - 11 April 2022 - Shift 3 • Quantitative Aptitude • Q52

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A sum of money was borrowed and paid back in two equal annual instalments of Rs980, allowing 4% compound interest. The sum ( in Rs, to nearest tens) borrowed was :

Show answer & explanation

Correct answer: B

Explanation

The correct answer is option 2 i.e. 1,850

Solution :

The geeral formula for equal installments is:

P = X(1+r/100)nX\over(1 + r/100)^n + ...... + X(1+r/100)2)X\over(1 + r/100)^2)  + X(1+r/100)X\over(1 + r/100)

According to the question, 

P = 980(1+4/100)2980\over (1 + 4/100)^2 + 980(1+4/100)980\over(1 + 4/100) 

P = (980 × 625)/676 + (980 × 25)/26

P = 906.065 + 942.307

P = 1848.372 ≈ 1850.