SSC CGL Tier II 1 Dec 2016 Paper 1

Question : 49 of 100

Marks: +1, -0

A man invested a sum of money at compound interest. It amounted to Rs. 2420 in 2 years and to Rs. 2662 in 3 years. Find the sum.

Solution:

(2)

A=P (1+ {R}/{100} )^{T}

∴ 2420= {P} (1+ { {R}}/{100} )^{2}.... (i)

and,

2662= {P} (1+ { {R}}/{100} )^{3}.. (ii)

By equation

(ii) ÷ (i)

{2662}/{2420}=1+ { {R}}/{100}

⇒{ {R}}/{100}= {2662}/{2420}-1

= {2662-2420}/{2420}

⇒{ {R}}/{100}= {242}/{2420}= {1}/{10}

⇒ R = 10% per annum.
From equation (i),

2420= {P} (1+ {10}/{100} )^{2}

⇒2420= {P} ( {11}/{10} )^{2}

⇒ 2420= {P} ×{121}/{100}

⇒{P}= {2420 ×100}/{121}

= {Rs} .2000

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