A vendor lends 74,000 rupees at a rate of 12% compound…

A vendor lends 74,000 rupees at a rate of 12% compound interest per annum, compounded annually. Find the interest for the 3rd year.

Show answer & explanation

Correct answer: C

Explanation

The correct answer is option 3 i.e. 11,139.07.

Principal = Rs. 74,000

Rate = 12%

Amount after 2 years = 74000 × ( $112\over100$ )² = 74000 × $12544\over10000$ = $928256\over10$

Interest for 3rd year = 12% of $928256\over10$ = $928256\over10$ × $12\over100$ = ₹11139.07

SSC CGL 2025 PYQ — Question 74