Exams › SSC CGL (Prelims) › General

How much compound interest will be earned on Rs. 24,000 at 16% per annum for 9 months if it is compounded quarterly?

1. 2,887
2. 3,107
3. 3,012
4. 2,997

Correct answer: 2,997

Solution

At 16% per annum compounded quarterly, the rate per quarter is 4%. For 9 months, there are 3 quarters. Amount = \(24000(1.04)^3\approx 26997\), so compound interest = \(26997-24000=2997\).

Related SSC CGL (Prelims) General questions

• The compound interest on a principal at 20% p.a. for 1.5 years, compounded annually, is ₹3,400. Find the principal.
• 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.
• In how many years will Rs. 80,000 become Rs. 1,06,480 at 10% compound interest per annum?
• Find the compound interest on ₹9,500 at 11% p.a. for 2 years 6 months, compounded annually.
• If the amount at the end of the 4th year and 5th year on a certain principal at compound interest is ₹24,000 and ₹26,400 respectively, find the rate of interest per annum.
• A sum of money becomes 2.25 times itself in 2 years at compound interest. What is the rate of interest?

⚔️ Practice SSC CGL (Prelims) General free + battle 1v1 →