SSC Selection Post 2022 PYQ — Question 66

The correct answer is option 4 i.e. 1.

Principal P = ₹8000

Amount A = ₹9159.20

Rate R = 14% per annum = 7% per half year

Compounded half-yearly

Let time = t years ⇒ 2t half-years

$A = P \left(1 + \frac{R}{100}\right)^{2t}$

$9159.20 = 8000 \left(1 + \frac{7}{100}\right)^{2t}$

$\Rightarrow 9159.20 = 8000 \times (1.07)^{2t}$

$\frac{9159.20}{8000} = (1.07)^{2t}$

$\Rightarrow 1.1449 = (1.07)^{2t}$

$(1.07)^2 = 1.1449 \Rightarrow 2t = 2 \Rightarrow t = 1$ year