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SSC CGL 2023 PYQ — Question 53

SSC CGL - 26 July 2023 - Shift 3 • Quantitative Aptitude • Q53

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What is the present worth of ₹1,100 due in 2 years at 5% simple interest per annum?

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Correct answer: C

Explanation

The correct answer is option 3 i.e. ₹1,000.

We know that

S.I = P×R×T100\frac{P × R × T}{100}

Amount = P + P×R×T100\frac{P × R × T}{100}

⇒ A - P = P×R×T100\frac{P × R × T}{100}

Hence, 1100 - P = P×5×2100\frac{P × 5 × 2}{100}

11000 - 10P = P

P = 1000