Exams › SSC CGL (Prelims) › Maths

The compound interest on a certain sum of money invested for 2 years at 5% per annum is ₹328. The simple interest on the sum, at the same rate and for the same period, will be:

1. ₹320
2. ₹308
3. ₹300
4. ₹287

Correct answer: ₹320

Solution

For 2 years at rate \(r\), \(CI-SI=\frac{Pr^2}{10000}\). Here \(CI=328\) and \(r=5\%\), so the difference is \(P\times25/10000=0.0025P\). Solving gives \(P=3200\), and hence \(SI=\frac{3200\times5\times2}{100}=320\).

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