(solved)Question 7 SSC-CGL 2020 March 4 Shift 1

A sum of Rs 12000 is given at 8% per annum for 2-5/8 years, compounded annually. Find out the compound interest for the given time period.
(Rev. 20-Jan-2024)

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Parveen,

Question 7
SSC-CGL 2020 Mar 4 Shift 1

A sum of Rs 12000 is given at 8% per annum for 2-5/8 years, compounded annually. Find out the compound interest for the given time period.

Solution in Detail

Take duration like $\displaystyle 5/8 +2$

Calculate the interest and principle after 5/8 years first. By the simple interest formula we get

$\displaystyle I = \frac{PRT}{100}$

$\displaystyle = \frac{12000 \times 8 \times 5/8}{100}$

$\displaystyle = 600$

$\displaystyle \therefore A = 12000 + 600 = 12600$

Comp. Int. on $\displaystyle 12600$ for $\displaystyle 2$ years

$\displaystyle = \frac{R (R + 200)}{10000} \times P$

$\displaystyle = \frac{8 \times 208}{10000} \times 12600$

$\displaystyle = 2096.64$

To this add Rs. 600 for the 5/8 year

Total interest = $\displaystyle 600 + 2096.64$

$\displaystyle = 2696.64\:\underline{Ans}$
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