SBI Junior Associate 2014 · Question 28 of 200

What will be the compound interest accrued on a sum of Rs. 18600 for two years if the rate of interest for the first year is 8% per annum and that for the second year is 15% per annum ?

arithmetic

ARs. 4489.90
BRs. 4967.20
CRs. 4232.80
DRs. 4501.20Correct
ERs. 3837.10

Answer: D. Rs. 4501.20

Explanation

Required Amount = $$ A = P (1 + \frac{R}{100})^T$$ = $$18600 (1 + \frac{8}{100}) (1 + \frac{15}{100})$$ = $$18600 \times 1.08 \times 1.15$$ = Rs. $$23,101.20$$ $$\therefore$$ C.I. = Rs. $$(23,101.20 - 18,600)$$ = Rs. $$4,501.20$$

Source: SBI Clerk 27 July 2014 Paper with Solutions — Cracku · reliable-secondary

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