Question
What is the rate of interest per annum ? I.
Difference between CI and SI for 2 years on an amount of Rs. 15,000 at the rate is Rs. 96. II. The amount double itself at simple interest in 5 years. Each of the questions below consists of a question and two statements numbered I and II given below it. You have to decide whether the data provided in the statements are sufficient to answer the question. Read both the statements and give answer –Solution
From (i), Difference = PR²/100² ⇒ 96 = (15000 ×R²)/10000 ⇒ R² = (96 ×10000)/15000 = 64 ∴ R = 8% p.a. From (ii), R = (x ×100)/(x × 5) = 20% Hence, we can find the answer from either statement (i) or statement (ii).
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