Exams › SSC CGL (Prelims) › General
What will be the compound interest on a sum of Rs. 40,000 after 3 years at the rate of 5% p.a.?
- 6,105
- 6,205
- 6,305
- 6,405
Correct answer: 6,305
Solution
For compound interest, \(A=40000(1.05)^3\). This gives \(A=46305\). Subtracting the principal, the compound interest is \(46305-40000=6305\).
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