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Multiple Choice Questions

A sum of Rs15 000 is lent at 16 p a compound interest What is the difference between the compound in...........

Quantitative Aptitude (CGL) Compound Interest

A sum of Rs15,000 is lent at 16% p.a. compound interest. What is the difference between the compound interest for the second year and the third year?

This questions was previously asked in

SSC CGL 6 June 2019 Shift-1

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Rs 445.44

Rs 544

Rs 454.88

Rs 548

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Explanation:

Correct option 1: 445.44

P = Rs. 15,000, r = 16%, T = 2 years
Compound interest only for 2nd year
=15000 (16/100) = 2400
⇒2400 × (16/100) = 384
Compound interest only for 2nd year = 2400 + 384 = Rs. 2784
Compound interest only for 3rd year
⇒ 15000 × (16/100) = 2400 × 1 = 2400 =2400 (16/100) = 384 x 2 = 768
= 384 x (16/100) = 61.44
Compound interest of 3 years = 2400 + 768 + 61.44 = 3,229.44
.. Required difference = 3,229.44 -2,784 = Rs. 445.44

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