Exams › SSC CGL (Prelims) › Maths

The compound interest on a sum of money for 2 years is ₹615 and the simple interest for the same period is ₹600. Find the principal.

1. ₹6500
2. ₹6000
3. ₹8000
4. ₹9500

Correct answer: ₹6000

Solution

For 2 years, \(\text{CI} - \text{SI} = P\left(\frac{r}{100}\right)^2\). Here the difference is 15, so \(P(r/100)^2 = 15\). Also, \(\text{SI} = \frac{Pr}{50} = 600\), which gives the rate and principal; solving gives \(P = 6000\).

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