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      Question

      Find the sum? Statement I : The difference

      between Compound Interest and Simple Interest for 2 years is 420. Statement II : If the Compound Interest for 3 years at the rate of 15% is 945. Statement III : If the principal becomes 1.21 Times in 2 years at Compound Interest. 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.
      A Only I Correct Answer Incorrect Answer
      B Only II Correct Answer Incorrect Answer
      C II and III together Correct Answer Incorrect Answer
      D Only I or II Correct Answer Incorrect Answer
      E Any two of three Correct Answer Incorrect Answer

      Solution

      From I: By using the formula, CI - SI = P (rate/100)2 × (300 + r)/100 = 420 From II: By using the formula, CI = {P (1+rate/100)3 -1 } = 945 From III: By using the formula, 1.21P= {P (1+rate/100)2 } So 1.21 = (1+rate/100)2 or R =10% So we can find principal by any of the two statements.

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