SSC Selection Post 2020 PYQ — Question 72

The correct answer is option 4 i.e. ₹6,821.

 

Principal (P) = ₹15,000

Rate (R) = 15% per annum

Time (T) =$(2\frac{2}{3} = \frac{8}{3})$ years

Amount after 2 years:

⇒ $A_2 = P \left(1 + \frac{R}{100} \right)^2 = 15000 \left(1 + \frac{15}{100} \right)^2 = 15000 (1.15)^2$

⇒ $A_2 = 15000 × 1.3225 = ₹19837.5$

Simple Interest  SI = $\frac{P × R × T}{100} = \frac{19837.5 × 15 × \frac{2}{3}}{100} = \frac{19837.5 × 10}{100} = ₹1983.75$

 Total = 19837.5 + 1983.75 = ₹21821.25 

Compound Interest =  21821.25 – 15000 = ₹6821