SSC GD 2024 PYQ — Question 60

The correct answer is option 4 i.e. Rs. 3816.

A = $P \left(1 + \frac{r}{100}\right)^t$

(A) is the amount after (t) years.

(P) is the principal amount (initial investment) = 15,000

(r) is the rate of interest per annum = 12%

(t) is the time period in years = 2 years

 

The amount (A) after 2 years.

⇒ A = $15,000 \left(1 + \frac{12}{100}\right)^2$

⇒ A = $15,000 \left(1 + 0.12\right)^2$

⇒ A = $15,000 \times (1.12)^2$

⇒ A = 15,000 × 1.2544

⇒ A = 18,816

Compound interest = A - P

⇒ CI = 18,816 - 15,000

⇒ CI = 3,816

The compound interest  is Rs. 3,816.