The simple interest on a sum of ₹ 8000 at a certain rate percent per annum for 3 \mathrm{yr} is ₹ 3600. What will be the amount (in ₹) of the same sum after 2 \mathrm{yr} at the same rate. If the interest is compounded 8-monthly?

SSC CHSL 5 Aug 2021 Shift 3 Paper

Section: Quantitative Aptitude

Question : 59 of 100

Marks: +1, -0

The simple interest on a sum of

₹ 8000

at a certain rate percent per annum for

3 \mathrm{yr}

₹ 3600

. What will be the amount (in ₹) of the same sum after

2 \mathrm{yr}

at the same rate. If the interest is compounded 8-monthly?

Solution:

Let the rate of interest be

R \%

p.a.
we know that

{SI}=\;{P R t}/{100}

3600=\;{8000 × R × 3}/{100}

⇒ \;\; R=\;{3600 × 100}/{8000 × 3}=15 \% \;\text " p.a. "\;

Now, amount after

2 {yr}

at compound interest calculated 8 monthly

=P(1+\;{r}/{100})^{n}=8000 ×(1+\;{10}/{100})^{3}

=8000 × \;{110 × 110 × 110}/{1000000}=₹ 10648

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