SSC CHSL 9 Jan 2017 Shift 3 Paper

Question : 62 of 100

Marks: +1, -0

At what rate of compound interest per annum will a sum of Rs 50000 become Rs 73205 in 2 years?

Solution:

Let rate of interest = r %
Sum = Rs. 50,000
Amount after 2 years = Rs. 73,205
Amount under compound interest =

P(1 +R/ 100 )^ T

⇒

50000(1 +r/ 100 )^ 2 =73205

⇒

(1 + r /100 ) ^2

=73205/50000 =1.4641

⇒

1 + r/100 = √1.4641 = 1.21

⇒

r/100 =1.21 − 1 = 0.21

⇒

r = 0.21 × 100 = 21%

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