SSC CHSL 20 Dec 2015 Shift 2 Paper

Question : 127 of 200

Marks: +1, -0

The rate percent of compound interest on ₹10,000 amounts to become ₹13,310 in 3 years is

Solution:

Principal sum = Rs. 10,000 and let rate of interest = r %
⇒ Amount after 3 years = Rs. 13,310
Amount under compound interest =

P(1 + R /100 )^T

⇒

10, 000(1 + r/100) ^ 3= 13, 310

⇒

(1 + r /100 ) ^3={13,310} / {10,000} = 1.331

⇒

1 + r /100 = √^3{1.331}

⇒

r/100 =1.1 − 1 = 0.1

⇒

r = 0.1 × 100 = 10%

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