New RBI Grade B 2025 Notification will come Soon! Enroll Here

    Question

    type-ssc

    The compound interest on a certain amount for 2 years at

    4% per annum is ₹ 1,428 if interest is compounded annually. Find the simple interest on that amount for 2 years at 4% per annum?
    A ₹ 850 Correct Answer Incorrect Answer
    B ₹ 950 Correct Answer Incorrect Answer
    C ₹ 1,400 Correct Answer Incorrect Answer
    D ₹ 800 Correct Answer Incorrect Answer

    Solution

    Let the principal amount =1000 Compound interest on 1000 Rs for 2 years at 4%=81.6 ATQ- 81.6=1428 1=1428/81.6 1000= (1428/81.6) ×1000 P=17500 Now- Simple interest for 2 years at 4% per annum = (17500×2 ×4)/100 =1400Rs.

    Practice Next

    Relevant for Exams: