SSC Selection Post 2020 PYQ — Question 75

The correct answer is option 4 i.e. ₹4,303.

CI = P(1 + $R\over100$)^T - P

here, CI = Compoiund interest, P = Principal, R = Rate, T = Time

1 year = 12 months ⇒ 2 years = 24 months

Number of periods (n) = 24/8 = 3

Periodic rate = 15% ÷ $12\over8$ = 15% × $8\over12$ = 10% 

⇒ CI = 13000 × (1 + $R\over100$)^T - P

⇒ CI = 13000 × (1 + $10\over100$)³ - 13000

⇒ CI = 13000 × (1.1)³ - 13000

⇒ CI = 13000(1.331 - 1) - 13000

⇒ CI = 13000 × 0.331 = ₹4303