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Railways PYQCBT 1 2016

RRB NTPC · Question 56

Find the compound interest to the nearest rupee on Rs. 7500 for 2 years 4 months at 12% p.a reckoned annually? A. 2284 B. 2176 C. 2097 D. 2235

  1. C

  2. B

  3. A

  4. D

Show answer & explanation

Answer: (C) A

Explanation

For 2 full years compounded annually: 7500 × 1.12² = Rs 9,408. For the remaining 4 months (1/3 year) at 12%, interest = 9408 × 12% × 1/3 = 9408 × 0.04 = Rs 376.32, giving an amount of Rs 9,784.32. CI = 9784.32 − 7500 ≈ Rs 2,284.