SBI PO – 2015 – 23

Question: A person invested a certain amount at simple interest at the rate of 6% per annum earning Rs. 900 as an interest at the end of 3 years. Had the interest been compounded every year, how much more interest would he have earned on the same amount with the same interest rate after three years? 

[6% प्रति वर्ष साधारण ब्याज की दर से 3 वर्षों में किसी मूलधन का साधारण ब्याज 900 रुपये मिलता है. यदि उस व्यक्ति ने वाही धन समान समय के लिए और समान दर पर चक्रवृधि ब्याज पर लगाया होता, तो उसे कितना ब्याज ज्यादा मिलता; जबकि ब्याज वार्षिक संयोजित होता हो?]                           [Ans. (d)  Rs. 55.08]

(a) Rs 38.13  (b) Rs 25.33 (c) Rs 35.03  (d) Rs 55.08 (e) none of these

                                                                                               

Detailed explanation: Since Rs 900 is the simple interest for 3 years, so Rs 300 is the simple interest for each of the 3 years.       

Difference for the first year = Rs 0

Difference for the second year = 6% of Rs 300 = Rs 18

Difference for the third year = 6% of Rs 300 + 6% of Rs 300 + 6% of Rs 18 = Rs 18 + Rs 18 + Rs 1.08 = Rs 37.08

Therefore,  total differences in three years = Rs 18 + Rs 37.08 = Rs 55.08 Ans.