Exams › SSC CGL (Prelims) › General

An amount of ₹8,000 is invested at a compound interest rate of 10% per annum for 2 years. What is the total amount received?

1. ₹ 9,600
2. ₹ 9,680
3. ₹ 9,720
4. ₹ 10,000

Correct answer: ₹ 9,680

Solution

For compound interest, \(A = P(1 + r/100)^n\). Here \(P=8000\), \(r=10\), and \(n=2\), so \(A = 8000 \times 1.1^2 = 8000 \times 1.21 = 9680\).

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