Please enter the following details
Free Daily Targets & Mocks
Study Material & Formulas PDFs
1 on 1 Mentorship
Question 98
A certain sum amounts to ₹4,205.55 at 15% p.a. in $$2\frac{2}{5}$$ years, interest compounded yearly. The sum is:
Solution
Amount = p(1 + $$\frac{r}{100})^t$$
t = $$2\frac{2}{5}$$ = 2 + $$\frac{2}{5}$$ years
Rate for 2 years = 15
Rate for 2/5 years = 15 $$\times \frac{2}{5} = 6$$%
4205.55 = p(1 + $$\frac{15}{100})^2(1 + \frac{6}{100})$$
4205.55 = p $$\times \frac{115}{100} \times \frac{115}{100} \times \frac{106}{100}$$
P = Rs. 3000
The sum is Rs. 3000.
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
