SSC CGL 6 Sep 2016 Paper

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Question : 70 of 100

Marks: +1, -0

If Rs. 10000 amounts to Rs. 11664 invested in compound interest (compounded annually) for two years then the annual rate of compound interest is

10%
9%
8%
6%

Solution:

A = P

(1+R/{100})^T

⇒ 11664 = 1000

(1+R/{100})^2

⇒

{11664}/{10000}

=

(1+R/{100})^2

⇒

({108}/{100})^2

=

(1+R/{100})^2

⇒ 1 +

R/{100}

=

{108}/{100}

⇒

R/{100}

=

{108}/{100}

- 1 =

8/{100}

∴ R =

8/{100}

× 100
= 8% per annum

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