Exams › SSC CGL (Prelims) › General

Find the compound interest on ₹9,500 at 11% p.a. for 2 years 6 months, compounded annually.

1. ₹ 2,848.72
2. ₹ 2,798.25
3. ₹ 2,850
4. ₹ 2,950.50

Correct answer: ₹ 2,848.72

Solution

For annual compounding, compute the amount after 2 years and then apply simple interest for the remaining 6 months on that amount. The difference between the final amount and principal gives the compound interest.

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