Question
Jolly borrowed some money at compound interest for 4
years. What will be the amount required to return after 4 years? Statement I: If the amount was borrowed at simple interest, then after 10 years Rs 1200 was required to pay as simple interest. Statement II: The rate of interest is 12% per annum Statement III: The sum of money borrowed is 15 times the amount required to be paid as simple interest after 3 years. 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 .Solution
From I: SI after 10 years is Rs 1200, so after 1 year = 1200/10 = Rs 120 so,SI of 1 year = Rs. 120 From III: Principal = 15 × S.I after 3 years or P = 15 × P× R ×3/100 or R = 100/45% So from I and II, SI =120 = P× R×1/100 = P × (100/45) /100 So we can find Principal. then we can find the required amount by CI formula So from I and II, SI =120 = P× R×1/100 = P × (12) /100 So we can find Principal, then we can find the required amount by CI formula
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