Exams › SSC CGL (Prelims) › Maths

For a certain principal, the gap between the compound interest and the simple interest over 3 years at 5% per annum is Rs 122. Find the principal.

1. Rs 16,000
2. Rs 15,000
3. Rs 12,000
4. Rs 10,000

Correct answer: Rs 16,000

Solution

For 3 years the difference between CI and SI is P(r/100)² (3 + r/100). With r = 5, the factor is (1/400)(3.05) = 0.007625. Setting 0.007625P = 122 gives P = Rs 16,000.

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