Multiple Choice Questions

The sum of the simple interest and the compound interest on Rs5 600 at the same rate of interest per...........

Quantitative Aptitude (MTS) Simple Interest

The sum of the simple interest and the compound interest on Rs5,600 at the same rate of interest per annum for two years is

Rs2,061.36, when in the case of compound interest, it is compounded annually. What is the rate of interest per annum?

This questions was previously asked in

SSC MTS 21st July 2022 Shift-2

15%

12%

- To solve the problem, we need to calculate the rate at which both the simple interest (SI) and compound interest (CI) satisfy the given condition.

- Simple Interest (SI) for 2 years = $\frac{P \times R \times T}{100}$ , where P = 5600, R = Rate, T = 2 years.

- Compound Interest (CI) for 2 years = $P \times {(1 + \frac{R}{100})}^{2} - P$ .

- Given SI + CI = 2061.36.

- Calculate SI using: $\frac{5600 \times R \times 2}{100} = 112 R$ .

- Calculate CI using: $5600 \times {(1 + \frac{R}{100})}^{2} - 5600$ .

- Solve for R using: 112R + $5600 \times {(1 + \frac{R}{100})}^{2} - 5600 = 2061.36$ .

- The rate R that satisfies the equation is 9%.

- Option:1, 9% is the correct rate.

- Options 2, 3, and 4 do not satisfy the equation as calculated.

- Option 1: 9% is the correct rate of interest.

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