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Question

In each of the following questions, a question is followed by three statements numbered I, II and III. Read all the statements and answer accordingly which statement/s are sufficient to find the answer .

What is the principal amount?

Statement I: The Simple Interest obtained on the principal after 3 years at 10% rate of interest is Rs 580 less than the compound interest obtained on the same principal after 3 years at 10% per annum.

Statement II : The sum becomes double in 20 years at 8% per annum rate of simple interest.

Statement III: The compound interest obtained on the principal amount is Rs 5580 after 3 years at the rate of 10% compounded annually.

A Only I Correct Answer Incorrect Answer
B All I, II and III together Correct Answer Incorrect Answer
C II and III together Correct Answer Incorrect Answer
D either I or III Correct Answer Incorrect Answer
E I or II and III Correct Answer Incorrect Answer

Solution

From I: PR2(300+R)/1003 = 580 P`xx` 102(300+R)/1003= 580

So we can find principal.
From II:
Sum gets double so net interst = 100% in 8 years so R =12.5% per annum
So we cannot find principal.
From III:
P{1 +(10/100)}3 - P= 5580 So we can find principal.
So we can find by either I or III.

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