SSC CGL Tier II 12 Jan 2017 Paper 1

Question : 48 of 100

Marks: +1, -0

In 3 years Rs. 3000 amounts to Rs. 3993 at x% compound interest, compounded annually. The value of x is

Solution:

( 1 )

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

⇒ 3993 = 3000 ( 1 + { x } /{ 100 } ) ^ { 3 }

⇒ { 3993 }/ { 3000 } = ( 1 + { x }/ { 100 } ) ^ { 3 }

⇒ { 1331 } /{ 1000 } = (1 + { x } /{ 100 } ) ^ { 3 }

⇒( { 11 }/ { 10 } ) ^ { 3 } = ( 1 + { x } /{ 100 } ) ^ { 3 }

⇒ 1 + { x }/ { 100 } = { 11 }/ { 10 }

⇒ { x }/ { 100 } = { 11} /{ 10 } - 1 = { 1 } /{ 10 }

⇒ x = { 1 }/ { 10 } × 100

= 10 \%

per annum

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