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SSC CHSL 2022 · PYQ · Compound Interest · medium

A sum of money becomes ₹3,364 at a rate of 16% compounded annually for 2 years. The sum of money is:

Answer

The correct answer is B: ₹2,500. Amount = P(1 + r/100)^n → 3364 = P(1.16)² = P × 1.3456. P = 3364/1.3456 = 2500.

  1. A.₹2,200
  2. B.₹2,500✓ Correct
  3. C.₹1,800
  4. D.₹3,800

Explanation

Amount = P(1 + r/100)^n → 3364 = P(1.16)² = P × 1.3456. P = 3364/1.3456 = 2500. So the principal is ₹2,500.
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