Exams › SSC CGL (Prelims) › Maths

A man saves ₹2000 at the end of each year and invests the money at 5% compound interest. At the end of 3 years, he will have:

1. ₹4305
2. ₹6305
3. ₹4205
4. ₹2205

Correct answer: ₹6305

Solution

The deposits are made at the end of each year, so their maturity values are \(2000(1.05)^2\), \(2000(1.05)\), and \(2000\). Adding them gives \(2205+2100+2000=6305\).

Related SSC CGL (Prelims) Maths questions

• The compound interest on ₹12,000 for 9 months at 20% per annum, interest being compounded quarterly, is:
• In what time will ₹64,000 amount to ₹68,921 at 5% per annum, interest being compounded half-yearly?
• The principal that yields a compound interest of ₹420 during the second year at 5% per annum is:
• ₹800 at 5% per annum compounded annually will amount to ₹882 in how many years?
• If the rate of interest is 4% per annum for the first year, 5% per annum for the second year, and 6% per annum for the third year, then the compound interest on ₹10000 for 3 years will be:
• The compound interest on ₹8000 at 15% per annum for 2 years 4 months, when compounded annually, is:

⚔️ Practice SSC CGL (Prelims) Maths free + battle 1v1 →