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SSC MTS 2022 PYQ — Question 75

SSC MTS - 25 July 2022 - Shift 3 • Quantitative Aptitude • Q75

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The compound interest on ₹18,000 at 7% per annum, compounded annually, is ₹1,260. What is the period of time?

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Correct answer: A

Explanation

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

First we need to check that the given compound interest is what percent of principal amount

126018000\dfrac{1260}{18000} x 100 = 7%

We can clearly see that the compound interest is 7% of the principal amount and when the rate is 7% per annumn then the time must be 1 year.