Latest SSC Aptitude Question SOLUTION: An amount is invested in a bank at compound rate of interest, after first and third year is Rs. 1200 and Rs. 1587 respectively. What is the rate of interest?

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(#M40025779) SSC Numerical Ability question CGL Tier 2 Quant Keep an EYE

An amount is invested in a bank at compound rate of interest, after first and third year is Rs. 1200 and Rs. 1587 respectively. What is the rate of interest?

Asked In SSC Rats (11 years ago)

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Devendra Marghade  (11 years ago)

15%
If Amount=x, Compound Interest after 1 year=x[1+(r/100)]=1200 ---(i)
Compound Interest after 3 year=x[1+(r/100)]^3=1587 ---(ii)
Substituting value of x[1+(r/100)]=1200 from (i) into (ii)
1200[1+(r/100)]^2=1587 or 1200[1+(2r/100)+(r^2/10000)]=1587
r^2+200r-3225=0, (r+215)(r-15)=0, r=15

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