Find the compound interest at the rate of 7 pa compounded annually for two years on the principal th...........

Quantitative Aptitude (CPO) Compound Interest

Find the compound interest at the rate of 7% pa compounded annually for two years on the principal that yields a simple interest of Rs

9450 for 3 years at 7% pa.

This questions was previously asked in

SSC CPO 15th-March-2019-Shift-2

Rs 12,678.40

Rs 6,520.50

Rs 12,345.20

Rs 10,127

- Find Principal for Simple Interest:

- Simple Interest (SI) = Rs 9450.

- Rate (R) = 7% per annum.

- Time (T) = 3 years.

- Using the formula: SI = (P × R × T) / 100;

- Calculate Principal (P).

- P = (9450 × 100) / (7 × 3) = Rs 45,000.

- Calculate Compound Interest (CI):

- Principal (P) = Rs 45,000.

- Rate (R) = 7% per annum.

- Time (T) = 2 years.

- CI formula: A = P(1 + R/100)^T

- A = 45000 × (1 + 7/100)^2

- A = 45000 × (1.07)^2

- A = 45000 × 1.1449 = Rs 51,520.50.

- CI = A - P = Rs 51,520.50 - Rs 45,000 = Rs 6,520.50.

Correct Answer: Option 2 - Rs 6,520.50

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