On a sum, simple interest at the annual rate of 12 percent for 6 years is Rs. 28800. What will be the compound interest on the same sum at the annual rate of 20 percent (compounding annually) for 2 years? 

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SSC MTS (2022) Official Paper (Held On: 11 May, 2023 Shift 2)
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  1. Rs. 17600
  2. Rs. 19200
  3. Rs. 12000
  4. Rs. 14400

Answer (Detailed Solution Below)

Option 1 : Rs. 17600
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SSC MTS 2024 Official Paper (Held On: 01 Oct, 2024 Shift 1)
90 Qs. 150 Marks 90 Mins

Detailed Solution

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Given:

Simple interest on a sum at 12% for 6 years = Rs. 28800

The annual rate for compound interest is = 20%

Time for compound interest = 2 years

Concept used:

Compound interest is calculated on the simple interest and interest on the sum.

Formula used:

Where, SI = Simple interest, CI = Compound interest, P = Principle, R = Rate, and T = Time

Calculate:

Let the sum be X.

According to the question

⇒ 

⇒ 28800 × 100 = 72X

⇒ X = 400 × 100 = 40000

The compound interest.

 

 = 17600

∴ The compound interest is 17600.

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