SSC Selection Post 2022 PYQ — Question 64

The correct answer is option 1 i.e. ₹1,640.

$\text{CI} = P \left(1 + \frac{r}{100}\right)^n - P$

P = ₹12,000

r = 5%  (since interest is compounded half-yearly, 10/2 = 5%)

n = 2 (1 year = 2 half-years)

$\text{CI} = 12000 \left(1 + \frac{5}{100} \right)^2 - 12000$

$= 12000 \times (1.05)^2 - 12000 = 12000 \times 1.1025 - 12000 = 13230 - 12000 = ₹1230$

$\text{SI} = \frac{60}{100} \times 1230 = ₹738$

$\text{SI} = \frac{P \times R \times T}{100}$

SI = ₹738

R = 10%

T = 4$\frac{1}{2}$= 9/2​ years

$738 = \frac{P \times 10 \times \frac{9}{2}}{100} = \frac{45P}{100} \Rightarrow P = \frac{738 \times 100}{45} = ₹1640$