Exams › SSC CGL (Prelims) › General
The compound interest on a principal at 20% p.a. for 1.5 years, compounded annually, is ₹3,400. Find the principal.
- ₹ 10,625
- ₹ 12,000
- ₹ 15,000
- ₹ 18,150
Correct answer: ₹ 10,625
Solution
With annual compounding for 1.5 years, amount after 1 year is \(1.2P\). For the next half-year, simple interest at 20% p.a. on \(1.2P\) is \(0.1\times1.2P=0.12P\). Total CI is \(0.2P+0.12P=0.32P=3400\), giving \(P=10625\).
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