A certain sum amounts to Rs29 282 in 4 years at 10 p a When the interest is compounded yearly What i...........

Quantitative Aptitude (MTS) Compound Interest

A certain sum amounts to Rs29,282 in 4 years at 10% p.a. When the interest is compounded yearly. What is the simple interest

(in Rs) on double of the sume of five years' time at the same rate?

This questions was previously asked in

SSC MTS 14th October 2021 Shift-1

17,000

20,000

18,000

21,500

- To find the original principal, use the compound interest formula:

- $$ A = P \left(1 + \frac{r}{100}\right)^n $$

- Given:

- $ A = 29,282 $

- $ r = 10\% $

- $ n = 4 $

- Solving for $ P $, the principal amount initially invested is calculated.

- To find the simple interest (SI) on double the initial principal over 5 years:

- Use the formula for SI:

- $$ \text{SI} = \frac{P \cdot r \cdot t}{100} $$

- Here, $ t = 5 $ years and the principal is doubled.

- Calculate the results:

- The calculated simple interest is Rs20,000.

- Correct Option: 2, 20,000

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