SSC CHSL 2025 · PYQ · Simple and Compound Interest · medium
A person invested ₹18,000 each in two different schemes for 2 years. One scheme offered 15% p.a. simple interest and the other offered 15% p.a. compound interest, compounded annually. Find the difference between the interest earned from both schemes.
Answer
The correct answer is A: ₹405. SI = 18000 × 15 × 2/100 = ₹5400. CI = 18000 × [(1.15)² − 1] = 18000 × 0.3225 = ₹5805.