SSC CGL Compound Interest question with solution
Compound InterestModerateSSC CGL 2024
Find the compound interest on ₹12,000 at 5% per annum for 2 years, compounded annually.
- (A)₹1,200
- (B)₹1,230
- (C)₹1,170
- (D)₹1,320
Correct answer: (B) ₹1,230
Amount after 2 years = 12000 × (1 + 5/100)² = 13230. Compound interest = amount − principal = 13230 − 12000 = 1230. Note that the simple interest for the same period would be only 1200.
Shortcut: For 2 years, effective rate = 2r + r²/100 = 10.25% of 12000.
About this question
- Subject
- Quantitative Aptitude
- Topic
- Compound Interest
- Exam
- SSC CGL 2024
- Attempts on SSC Rank
- Not attempted yet
Appears in: SSC CGL 2024 Tier 1 Question Paper — 9 September, Shift 3
More SSC CGL Compound Interest questions
Last reviewed on 5 Oct 2026. Spotted a mistake? See our correction policy.