A sum of Rs7500 amounts to Rs9075 at 10 p a interest being compounded yearly in a certain time The s...........

Quantitative Aptitude (CGL) Compound Interest

A sum of Rs7500 amounts to Rs9075 at 10% p.a, interest being compounded yearly in a certain time. The simple interest (in Rs) on

the same sum for the same time and the same rate is:

This questions was previously asked in

SSC CGL 16th August 2021 Shift-1

1500

1520

1480

1530

- The principal amount is Rs7500, and the final amount is Rs9075.

- The interest is compounded annually at 10% per annum.

- The formula for compound interest: $$ A = P \times \left(1 + \frac{r}{100}\right)^n $$

- Here, A = 9075, P = 7500, r = 10%

- Solving: $$ 9075 = 7500 \times \left(1 + 0.10\right)^n $$

- Find the time 'n' using the above equation, which turns out to be 2 years.

- For simple interest:

- Formula: $$ \text{SI} = \frac{P \times r \times t}{100} $$

- Use P = 7500, r = 10, t = 2

- Simple interest calculation:

- $$ \text{SI} = \frac{7500 \times 10 \times 2}{100} = 1500 $$

- Correct Answer: Option 1 - 1500

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