SSC CHSL 17 Mar 2020 Shift 3 Paper

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Question : 54 of 100

Marks: +1, -0

Ram deposited an amount of ₹ 8000 in a bank's savings account with interest

6.5 \%

compounded monthly. What amount will he get at the end of 18 months?

₹ $8816.97$
₹ $8788.98$
₹ $8790.54$
₹ $8907.56$

Solution:

Given, principle

(\P)=₹ 8000

Rate of interest

(r)=6.5 \%

p.a.

={6.5}/{12} \%

months
Time

(t)=18

month

{\Amount}(\A)=\P(1+{r}/{100})^{t}

=8000(1+{6.5}/{12 \×100})^{18}

=8000(1+{13}/{2400})^{18}

=8000 \×({2413}/{2400})^{18}

=80000 \×(1.0050)^{18}

=8000 \×(1.005)^{18}

\=₹ 8816.97

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