Exams › SSC CGL (Prelims) › Maths

The compound interest on ₹8000 at 15% per annum for 2 years 4 months, when compounded annually, is:

1. ₹2980
2. ₹3091
3. ₹3109
4. ₹3100

Correct answer: ₹3109

Solution

For annual compounding, first compound for 2 years: \(8000(1.15)^2=10580\). For the remaining 4 months, take simple interest on this amount: \(10580\times15\%\times\frac{4}{12}=529\). Total CI = \(10580-8000+529=3109\).

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