SSC CGL Compound Interest question with solution
Compound InterestModerateSSC CGL 2024
Find the compound interest on ₹24,000 at 20% per annum for 2 years, compounded annually.
- (A)₹10,800
- (B)₹10,560
- (C)₹9,840
- (D)₹10,440
Correct answer: (B) ₹10,560
Amount after 2 years = 24000 × (1 + 20/100)² = 34560. Compound interest = amount − principal = 34560 − 24000 = 10560. Note that the simple interest for the same period would be only 9600.
Shortcut: For 2 years, effective rate = 2r + r²/100 = 44% of 24000.
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 — 10 September, Shift 1
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Last reviewed on 5 Oct 2026. Spotted a mistake? See our correction policy.