Exams › SSC CGL (Prelims) › General

Find the compound interest on ₹12,000 at 8% per annum for 2 years 9 months, compounded annually.

1. ₹2,456
2. ₹2,598
3. ₹2,712
4. ₹2,837

Correct answer: ₹2,837

Solution

For annual compounding, first calculate the amount after 2 years: \(12000(1.08)^2\). For the remaining 9 months, apply simple interest on this amount for \(\frac{9}{12}\) year at 8%. This gives the compound interest corresponding to the keyed option.

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