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SSC Selection Post 2022 PYQ — Question 66

SSC Selection Post - Matriculation Level - 3 Feb 2022 - Shift 1 • Quantitative Aptitude • Q66

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What is the maturity amount if ₹40,000 is invested for 2 years, the rate of compound interest (compounded annually) being 8% for the first year and 10% for the second year?

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Correct answer: D

Explanation

The correct answer is Option 4 i.e. 47,520.

Amount = Principal(1 + R100{R\over100})T

here, T = time, and R = rate

Amount after 1st year = 40000×(1+8100)40000\times(1+{8\over100}) = 40000 × 1.08 = 43200

Amount after 2nd year = 43200×(1+10100)43200\times(1+{10\over100}) = 43200 × 1.10 = 47520