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SSC GD 2021 PYQ — Question 55

SSC GD Constable (English) - 16th November 2021 Shift 2 • Quantitative Aptitude • Q55

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If the compound interest on a certain sum of money for two years at 9% p.a. is Rs 3,762, then the sum is:

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Correct answer: A

Explanation

The correct answer is Option 1 i.e. Rs. 20000

The compound interest on a certain sum of money for two years at 9% p.a. is Rs. 3,762.

In the case of the compound interest, Amount = P(1 + R/100)N

CI = P(1 + R/100)N - P (where P = Principal, R = Rate of interest per year, N = Time in years)

Let the sum be Rs. P.

According to the question -

 P(1 + 9/100)2 - P= 3762

P(1.092) - P= 3762

1.1881P - P = 3762

0.1881P = 3762

P = 3762/0.1881

P = 20,000