Exams › SSC CGL (Prelims) › General

A sum becomes ₹15,876 in 2 years at 12% compound interest per annum. Find the principal.

1. ₹12,656.25
2. ₹12,500
3. ₹12,332.75
4. ₹12,400

Correct answer: ₹12,656.25

Solution

For 2 years at 12% compound interest, the amount is A = P(1.12)^2. So P = 15876 / 1.2544 = 12656.25. Therefore, the principal is ₹12,656.25.

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