Free Daily Targets & Mocks
Study Material & Formulas PDFs
1 on 1 Mentorship
Question 70
A sum of ₹3000 is invested on compound interest (compounded annually) at the rate of interest is 20% per annum. What is the compound interest for 2 years?
Solution
Amount after 2 years :
$$P(1 + \frac{r}{100})^2 = 3000(1 + \frac{20}{100})^2 = 4320$$
Compound Interest = 4320 - 3000 = 1320
So, the answer would be option c)1320
Create a FREE account and get:
- Free SSC Study Material - 18000 Questions
- 230+ SSC previous papers with solutions PDF
- 100+ SSC Online Tests for Free
