Exams › SSC CGL (Prelims) › General

What is the compound interest on Rs. 12,000 for 2 years at 5% per annum?

1. 1200
2. 1230
3. 1260
4. 1300

Correct answer: 1230

Solution

For 2 years at 5% p.a., amount = 12000 × 1.05 × 1.05 = 13230. So compound interest = 13230 - 12000 = 1230.

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