Question
The question consists of 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. Find the rate of interest (r). Statement I: A sum becomes four times its original value in 6 years when invested at r% per annum simple interest. Statement II: An investment of ₹2000 at r% per annum compound interest, compounded annually for 2 years, amounts to ₹4500.Solution
ATQ, Statement I: Let the sum invested be Rs. P According to the question, (P × r × 6)/100 = 4P – P Or, r = 50 So, data in statement I alone is sufficient to answer the question. Statement II: 2000(1 + r/100)2 = 4500 Or, (1 + r/100) = √(9/4) Or, r = 100/2 = 50 So, data in statement II alone is sufficient to answer the question. So data either in statement I alone or in statement II alone are sufficient to answer the question
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