Exams › SSC CGL (Prelims) › General

If the compound interest on a sum at $14\tfrac{2}{3}\%$ per annum for 3 years is ₹1,680, find the simple interest for the same period and rate.

1. ₹ 1,232
2. ₹ 1,456
3. ₹ 1,600
4. ₹ 1,812

Correct answer: ₹ 1,456

Solution

For 3 years, compound interest is $P\left[(1+r)^3-1\right]$, where $r=14\tfrac{2}{3}\%=\frac{11}{75}$. Using the given CI, we get the principal, and then simple interest for 3 years at the same rate comes out to ₹1,456.

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