SSC GD 2024 PYQ — Question 45

The correct answer is option 4 i.e. Rs 3310 .

SI = P × R × T /100

(SI) is the simple interest (Rs. 8000),

(P) is the principal,

(R) is the rate of interest (10%),

(T) is the time in years (8 years).

⇒ 8000 =  P × 10 × 8 /100

⇒ 8000 = P × 80 /100

⇒ 8000 = 0.8P

⇒ P = 8000 / 0.8 = 10000

 

CI =  $P \left( 1 + \frac{R}{100} \right)^T - P$

(CI) is the compound interest,

(P) is the principal (Rs. 10,000),

(R) is the rate of interest (10%),

(T) is the time in years (3 years).

⇒ CI = $10000 \left( 1 + \frac{10}{100} \right)^3 - 10000$

⇒ CI = $10000 \left( 1.1 \right)^3 - 10000$

⇒ CI = $10000 \times 1.331 - 10000$

⇒ CI = 3310

So, the compound interest is Rs. 3,310.