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SSC CHSL 13 Apr 2021 Shift 3 Solved Paper
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© examsnet.com
Question : 58
Total: 100
A sum of money amounts to
₹
28224
in
2
y
r
and to
₹
29635.20
in
3
y
r
when invested on compound interest, compounded annually.
What is the sum of money?
₹ 26880
₹ 26095
₹ 26000
₹ 25600
Validate
Solution:
Let the principal be
₹
P
and rate of interest be
r
%
.
We know that
A
=
P
[
1
+
r
100
]
t
According to the question,
28224
=
P
(
1
+
r
100
)
2
. . . (i)
and
29635.20
=
P
(
1
+
r
100
)
3
. . . (ii)
Divide Eq. (ii) by Eq. (i);
⇒
1
+
r
100
=
29635.20
28224
⇒
r
100
=
2963520
28224
−
1
⇒
r
100
=
2963520
−
28224
28224
r
100
=
14112
28244
⇒
r
=
5
%
Put the value of
r
in Eq. (i),
P
=
28224
×
20
21
×
20
21
=
₹
25600
.
© examsnet.com
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