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SSC Selection Post 2022 PYQ — Question 60

SSC Selection Post - Matriculation Level 2022 - 2 Feb 2022 - Shift 2 • Quantitative Aptitude • Q60

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What will be the compound interest (in ₹, to nearest rupee) on ₹17,600 for 2 years at 7%per annum, compounded annually?

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Correct answer: C

Explanation

The correct answer is option 3 i.e. 2,550.

CI=P(1+R100)T−P\text{CI} = P \left(1 + \frac{R}{100} \right)^T - P

CI=17600(1+7100)2−17600\text{CI} = 17600 \left(1 + \frac{7}{100} \right)^2 - 17600

=17600×(1.07)2−17600=17600×1.1449−17600=20150.24−17600=₹2550= 17600 \times (1.07)^2 - 17600 = 17600 \times 1.1449 - 17600 = 20150.24 - 17600 = ₹2550