SSC CGL Exam > SSC CGL Questions > If the compound interest earned for the 2nd ...
Start Learning for Free
If the compound interest earned for the 2nd year is Rs. 240 and the rate of interest applied is 20% per annum, then find the principal invested.
- a)Rs. 1000
- b)Rs. 2000
- c)Rs. 1200
- d)Rs. 2400
Correct answer is option 'A'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Most Upvoted Answer
If the compound interest earned for the 2nd year is Rs. 240 and the r...
Given:
Compound interest earned for the 2nd year = Rs. 240
Rate of interest = 20% per annum
To find:
Principal invested
Formula used:
Compound Interest = P[(1 + R/100)^n - 1]
where P = Principal, R = Rate of interest, n = Time period
Calculation:
Let the principal invested be P.
For the 2nd year, the compound interest can be calculated as:
240 = P[(1 + 20/100)^2 - 1]
240 = P[(1.2)^2 - 1]
240 = P[0.44]
P = 240/0.44
P = Rs. 545.45 (approx)
But this is the principal for the 2nd year. To find the original principal, we need to calculate the principal for the 1st year and add it to the above value.
For the 1st year, the compound interest can be calculated as:
240 = P[(1 + 20/100)^1 - 1]
240 = P[0.2]
P = 240/0.2
P = Rs. 1200
Therefore, the principal invested is Rs. 1200.
Compound interest earned for the 2nd year = Rs. 240
Rate of interest = 20% per annum
To find:
Principal invested
Formula used:
Compound Interest = P[(1 + R/100)^n - 1]
where P = Principal, R = Rate of interest, n = Time period
Calculation:
Let the principal invested be P.
For the 2nd year, the compound interest can be calculated as:
240 = P[(1 + 20/100)^2 - 1]
240 = P[(1.2)^2 - 1]
240 = P[0.44]
P = 240/0.44
P = Rs. 545.45 (approx)
But this is the principal for the 2nd year. To find the original principal, we need to calculate the principal for the 1st year and add it to the above value.
For the 1st year, the compound interest can be calculated as:
240 = P[(1 + 20/100)^1 - 1]
240 = P[0.2]
P = 240/0.2
P = Rs. 1200
Therefore, the principal invested is Rs. 1200.
Free Test
FREE
| Start Free Test |
Community Answer
If the compound interest earned for the 2nd year is Rs. 240 and the r...
Given
The compound interest earned for the 2nd year = Rs. 240,
R = 20% p.a.
Formula used:
(1.) C.In+1 = (1 + R%) × C.In
Where,
C.In = Compound interest earned for nth year
C.In+1 = Compound interest earned for (n + 1)th year
R = rate of interest applied
(2.) S.I = PRT/100
Where,
P = Principal
R = Rate of interest applied
T = Time invested
Concept used:
Simple interest and Compound interest are the same for the first year.
Calculation:
According to the question,
⇒ C.I2 = (1 + 20%) × C.I1
⇒ Rs. 240 = (1 + 20%) × C.I1
⇒ Rs. 240 = 1.2 × C.I1
⇒ C.I1 = Rs. 200
Now,
Let P be the principal invested.
Since simple interest and compound interest are the same for the first year,
Therefore,
⇒ P = Rs. 1000
Therefore, 'Rs. 1000' is the required answer.
Attention SSC CGL Students!
To make sure you are not studying endlessly, EduRev has designed SSC CGL study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in SSC CGL.
|
Explore Courses for SSC CGL exam
|
|
Similar SSC CGL Doubts
Top Courses for SSC CGLView all
If the compound interest earned for the 2nd year is Rs. 240 and the rate of interest applied is 20% per annum, then find the principal invested.a)Rs. 1000b)Rs. 2000c)Rs. 1200d)Rs. 2400Correct answer is option 'A'. Can you explain this answer?
Question Description
If the compound interest earned for the 2nd year is Rs. 240 and the rate of interest applied is 20% per annum, then find the principal invested.a)Rs. 1000b)Rs. 2000c)Rs. 1200d)Rs. 2400Correct answer is option 'A'. Can you explain this answer? for SSC CGL 2024 is part of SSC CGL preparation. The Question and answers have been prepared according to the SSC CGL exam syllabus. Information about If the compound interest earned for the 2nd year is Rs. 240 and the rate of interest applied is 20% per annum, then find the principal invested.a)Rs. 1000b)Rs. 2000c)Rs. 1200d)Rs. 2400Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for SSC CGL 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for If the compound interest earned for the 2nd year is Rs. 240 and the rate of interest applied is 20% per annum, then find the principal invested.a)Rs. 1000b)Rs. 2000c)Rs. 1200d)Rs. 2400Correct answer is option 'A'. Can you explain this answer?.
If the compound interest earned for the 2nd year is Rs. 240 and the rate of interest applied is 20% per annum, then find the principal invested.a)Rs. 1000b)Rs. 2000c)Rs. 1200d)Rs. 2400Correct answer is option 'A'. Can you explain this answer? for SSC CGL 2024 is part of SSC CGL preparation. The Question and answers have been prepared according to the SSC CGL exam syllabus. Information about If the compound interest earned for the 2nd year is Rs. 240 and the rate of interest applied is 20% per annum, then find the principal invested.a)Rs. 1000b)Rs. 2000c)Rs. 1200d)Rs. 2400Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for SSC CGL 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for If the compound interest earned for the 2nd year is Rs. 240 and the rate of interest applied is 20% per annum, then find the principal invested.a)Rs. 1000b)Rs. 2000c)Rs. 1200d)Rs. 2400Correct answer is option 'A'. Can you explain this answer?.
Solutions for If the compound interest earned for the 2nd year is Rs. 240 and the rate of interest applied is 20% per annum, then find the principal invested.a)Rs. 1000b)Rs. 2000c)Rs. 1200d)Rs. 2400Correct answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for SSC CGL.
Download more important topics, notes, lectures and mock test series for SSC CGL Exam by signing up for free.
Here you can find the meaning of If the compound interest earned for the 2nd year is Rs. 240 and the rate of interest applied is 20% per annum, then find the principal invested.a)Rs. 1000b)Rs. 2000c)Rs. 1200d)Rs. 2400Correct answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
If the compound interest earned for the 2nd year is Rs. 240 and the rate of interest applied is 20% per annum, then find the principal invested.a)Rs. 1000b)Rs. 2000c)Rs. 1200d)Rs. 2400Correct answer is option 'A'. Can you explain this answer?, a detailed solution for If the compound interest earned for the 2nd year is Rs. 240 and the rate of interest applied is 20% per annum, then find the principal invested.a)Rs. 1000b)Rs. 2000c)Rs. 1200d)Rs. 2400Correct answer is option 'A'. Can you explain this answer? has been provided alongside types of If the compound interest earned for the 2nd year is Rs. 240 and the rate of interest applied is 20% per annum, then find the principal invested.a)Rs. 1000b)Rs. 2000c)Rs. 1200d)Rs. 2400Correct answer is option 'A'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice If the compound interest earned for the 2nd year is Rs. 240 and the rate of interest applied is 20% per annum, then find the principal invested.a)Rs. 1000b)Rs. 2000c)Rs. 1200d)Rs. 2400Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice SSC CGL tests.
|
|
Explore Courses for SSC CGL exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup