Exams › SSC CGL (Prelims) › General
The compound interest on a certain sum for 2 years at 10% per annum is ₹840. Find the simple interest on the same sum at the same rate and for the same period.
- ₹ 850
- ₹ 820
- ₹ 780
- ₹ 800
Correct answer: ₹ 800
Solution
For 2 years at 10%, compound interest is 21% of the principal. So 0.21P = 840, giving P = 4000. Simple interest for 2 years at 10% is 20% of 4000 = 800.
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