Question
Download Solution PDFWhen difference between compound and simple interest for three years is ₹244 at 5% interest per annum, the principal is ₹_________
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Difference between Compound and Simple Interest for 3 years = ₹244
Rate (r) = 5%
Formula used:
Difference (D) = P × (1 + r/100)3 - P - P × r/100 × t
Where, P = Principal, t = Time
Calculation:
244 = P × (1 + 5/100)3 - P - P × 5/100 × 3
⇒ 244 = P × (1 + 0.05)3 - P - P × 0.15
⇒ 244 = P × (1.157625) - P - 0.15P
⇒ 244 = 1.157625P - 1.15P
⇒ 244 = 0.007625P
⇒ P = 244 / 0.007625
⇒ P = 32000
∴ The correct answer is option (1).
Last updated on Jun 30, 2025
-> The Staff Selection Commission has released the SSC GD 2025 Answer Key on 26th June 2025 on the official website.
-> The SSC GD Notification 2026 will be released in October 2025 and the exam will be scheduled in the month of January and February 2026.
-> The SSC GD Merit List is expected to be released soon by the end of April 2025.
-> Previously SSC GD Vacancy was increased for Constable(GD) in CAPFs, SSF, Rifleman (GD) in Assam Rifles and Sepoy in NCB Examination, 2025.
-> Now the total number of vacancy is 53,690. Previously, SSC GD 2025 Notification was released for 39481 Vacancies.
-> The SSC GD Constable written exam was held on 4th, 5th, 6th, 7th, 10th, 11th, 12th, 13th, 17th, 18th, 19th, 20th, 21st and 25th February 2025.
-> The selection process includes CBT, PET/PST, Medical Examination, and Document Verification.
-> The candidates who will be appearing for the 2026 cycle in the exam must attempt the SSC GD Constable Previous Year Papers. Also, attempt SSC GD Constable Mock Tests.