Exams › SSC CGL (Prelims) › Maths
A certain amount of money earns ₹540 as simple interest in 3 years. If it earns compound interest of ₹376.20 at the same rate of interest in 2 years, find the principal amount (in ₹).
- 1600
- 1800
- 2000
- 2100
Correct answer: 2000
Solution
From simple interest, \(P\times r\times 3/100=540\), so \(Pr=18000\). For 2 years, \(CI-SI=\frac{Pr^2}{10000}\). Using \(CI=376.20\) and \(SI=\frac{Pr\times2}{100}=360\), the difference is \(16.20\), which gives \(P=2000\).
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