SSC GD 2023 PYQ — Question 46

The Correct answer is option 3 i.e. 1$\frac{1}{2}$

Given that

Principal amount = ₹6750

Amount = ₹8,984.25

The interest rate R = 20% per annum

Compounded half-yearly 

Rate = 20/2 = 10% p.a.

Formula used

Amount = Principal (1 + rate/100)^time

Calculation

8,984.25 = 6750 (1 + 10/100)^time

1331/1000 = (11/10)^time

Time = 3 years (compounded half-yearly)

Hence, the required time is 3/2 i.e. 1$\frac{1}{2}$ years