Exams › SSC CGL (Prelims) › General

If the amount is Rs. 600 and the principal is Rs. 450, compounded yearly for 1 year, calculate the rate of interest.

1. 40%
2. 45%
3. 33.33%
4. 35%

Correct answer: 33.33%

Solution

For 1 year, the compound interest formula becomes $A=P\left(1+\frac{R}{100}\right)$. Here, interest = 600 - 450 = 150. So $150 = 450\cdot \frac{R}{100}$, giving $R = 33.33\%$.

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