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SSC CGL 2021 PYQ — Question 57

SSC CGL - 13 Aug 2021 - Shift 1 • Quantitative Aptitude • Q57

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What is the compound interest (in Rs) on a sum of Rs 8192 for 114\frac{1}{4}years at 15% per annum, if interest is compounded 5- monthly?

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Correct answer: A

Explanation

The correct answer is option 1 i.e. 1634.

114\frac{1}{4} years = 15 months

Principal = Rs.8192

Compounded every 5 months at 15%

⇒ 5/12 × 15% = (25/4)%

Interest = Amount - Principal

⇒ 8192(1 + 25/400)3 - 8192

⇒ 8192[(17/16)3 - 1]

⇒ 8192 × [0.19946289]

⇒ 1634