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Question

In each of the following questions, a question is followed by two or three statement. Read all the statements and find that which statements are required to answer the question and answer accordingly.

Find the rate of interest per annum on a sum of money invested? Statement I: The difference between the compound interest and simple interest at the end of 3 years at same rate of interest is Rs 120. Statement II: A compound interest of Rs 7368 is obtained after 4 years of investment.

A If the data in statement I alone is sufficient to answer the question. Correct Answer Incorrect Answer
B If the data in statement II alone is sufficient to answer the question. Correct Answer Incorrect Answer
C If the data either in statement I alone or statement II alone are sufficient to answer the question. Correct Answer Incorrect Answer
D If the data given in both I and II together are not sufficient to answer the question. Correct Answer Incorrect Answer
E If the data in both the statements I and II together are necessary to answer the question. Correct Answer Incorrect Answer

Solution

From I : Pr2/1002= 120 From II : 7368 = P [(1 + r/100)3– 1] From I and II we have 2 equations in 2 variables which can be solved to find the rate of interest.

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