ibps-csa 2014 · Question 156 of 196

A person invested some money at the rate of 6% simple interest. At the end of three years, he got Rs. 900 as SI. If interest is put at the rate of compound interest annually, how much more interest would he got in three years?

Interest

ARs. 38.13
BRs. 25.33
CRs. 55.08Correct
DRs.35.30
EOther than those given as options

Answer: C. Rs. 55.08

Explanation

Let x be the principal amount invested by him. Amount earned by him as SI = 900 900 = x*0.06*3 x = 5000 Compound interest he could have earned = 5000*(1.06)^3 - 5000 = 955.08 Amount earned more = 955.08 - 900 = 55.08

Source: IBPS Clerk CWE paper held 14-12-2014 — solved-paper book excerpt (CollegeDunia) with publisher answer key; sections cross-verified against BankingAdda / FreshersNow / CollegeDekho 14-12-2014 papers · memory-based

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