SSC Selection Post 2022 PYQ — Question 68

SSC Selection Post - Matriculation Level - 05 Aug 2022 - Shift 3 • Quantitative Aptitude • Q68

What is the compound interest on ₹8,125 for 2 years at 4% per annum compounded yearly?

Show answer & explanation

Correct answer: C

Explanation

The correct answer is option 3 i.e. ₹663. 

A=P×(1+R100)nA = P \times \left(1+\frac{R}{100}\right)^n

A=8,125×(1+4100)2A = 8,125 \times \left(1+\frac{4}{100}\right)^2

A = 8125 × (1 + 0.04)2  = 8125 × (1.04)2 = 8788 Rs

Compound Interest = A − P = 8788 - 8125 = Rs 663