SSC CGL Compound Interest question with solution
Compound InterestModerateSSC CGL 2024
Find the compound interest on ₹14,000 at 10% per annum for 2 years, compounded annually.
- (A)₹3,080
- (B)₹2,800
- (C)₹2,870
- (D)₹2,940
Correct answer: (D) ₹2,940
Amount after 2 years = 14000 × (1 + 10/100)² = 16940. Compound interest = amount − principal = 16940 − 14000 = 2940. Note that the simple interest for the same period would be only 2800.
Shortcut: For 2 years, effective rate = 2r + r²/100 = 21% of 14000.
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 2 Question Paper — 18 January, Shift 1
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Last reviewed on 5 Oct 2026. Spotted a mistake? See our correction policy.