SSC CHSL 15 Nov 2015 Shift 2 Paper

Question : 138 of 200

Marks: +1, -0

At what rate of compound interest per annum will a sum of ₹1200 become ₹1348.32 in 2 years ?

Solution:

Principal sum = Rs. 1200 and amount after 2 years = Rs. 1348.32
Let rate of interest =

r %

Amount when interest is compounded annually =

P(1 + R/100) ^ T

⇒

1200(1 + r/100 ) ^2= 1348.32

⇒

(1 + r/100 ) ^2= 1348.32/1200

⇒

(1 +r/100 ) ^2=1.1236

⇒

(1 + r/100 ) =√1.1236

= 1.06
⇒

r /100 = 1.06 − 1 = 0.06

⇒

r = 0.06 × 100 = 6%

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