SarkariPYQ

SSC CHSL 2019 PYQ — Question 60

SSC CHSL - 9th July 2019 - Shift 1 • Quantitative Aptitude • Q60

Back to paper

The compound interest on a certain sum of money at 21% for 2 years is Rs. 6,961.5. Its simple interest (in Rs.) at the same rate and for the same period is:

Show answer & explanation

Correct answer: A

Explanation

Correct Answer is option 1 i.e. Rs. 6300

Understanding

Application

Formulas:

For SI:

SI = PRT/100

For CI:

CI = [P(1 + R/100)T – P]

Given:

For R = 21% and T = 2

CI = Rs. 6961.5

Using CI formula:

6961.5 = [P(1 + 21/100)2 – P]

⇒ 6961.5 = [P(121/100)2 – P]

⇒ 6961.5 = P(14641 – 10000)/10000

⇒ 6961.5 = P(4641/10000)

⇒ P = (6961.5 × 10000)/4641

⇒ P = 15000

Now,

SI = 15000 × 21 × 2/100 = 300 × 21 = 6300