What is the compound interest for 2 years on a sum of Rs7 200 at the rate of 15 per annum if interes...........

Quantitative Aptitude (MTS) Compound Interest

What is the compound interest for 2 years on a sum of Rs7,200 at the rate of 15% per annum, if interest is compounded annually?

This questions was previously asked in

SSC MTS 7th July 2022 Shift-3

View All SSCMTS Previous Year Papers

Rs2,428

Rs2,322

Rs2,527

Rs2,829

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Explanation:

Correct option 2: Rs.2322

Given:
Principal = Rs. 7200
Rate of interest = 15%
Time = 2 years
Concept used:
Amount = P(1 + (r)/100)"
Interest = Amount - Principal
P = Principal
r = rate
n = time
Calculation:
Amount = 7200(1 + 15/100)²
⇒ 7200 × (23/20)²
7200 x 529/400
= 9522
Interest 9522 - 7200 = 2322