Question

    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. 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.
    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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