SSC CGL Compound Interest question with solution
Compound InterestModerateSSC CGL 2023
Find the compound interest on ₹14,000 at 20% per annum for 2 years, compounded annually.
- (A)₹6,300
- (B)₹6,160
- (C)₹6,090
- (D)₹5,600
Correct answer: (B) ₹6,160
Amount after 2 years = 14000 × (1 + 20/100)² = 20160. Compound interest = amount − principal = 20160 − 14000 = 6160. Note that the simple interest for the same period would be only 5600.
Shortcut: For 2 years, effective rate = 2r + r²/100 = 44% of 14000.
About this question
- Subject
- Quantitative Aptitude
- Topic
- Compound Interest
- Exam
- SSC CGL 2023
- Attempts on SSC Rank
- Not attempted yet
Appears in: SSC CGL 2023 Tier 1 Question Paper — 14 July, Shift 1
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Last reviewed on 5 Oct 2026. Spotted a mistake? See our correction policy.