Direction: In each of the following questions, a question followed by two statements numbered I and II are given. You have to read both the statements and then give the answer
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What is the rate of interest percentage per annum ?
I. An amount of ₹ 6200 fetches simple interest of ₹ 1736 in 2 yr.
II. An amount of ₹ 4500 fetches compound interest of ₹ 1348.20 in 2 yr.
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- If the data given in Statement I alone are sufficient to answer the question whereas the data given in Statement II alone are not sufficient to answer the question
- if the data given in Statement II alone are sufficient to answer the question whereas the data given in Statement I alone are not sufficient to answer the question
- if the data in either Statement I alone or in statement II alone are sufficient to answer the question
- if the data in both the Statement I and II are not sufficient to answer the question
- if the data given in both the Statement I and II are necessary to answer the question
Correct Option: C
From Statement I,
R = (SI x 100) / (P x T)
⇒ (1736 x 100)/(6200 x 2) = 14%
From Statement II,
1348.2 4500(1 + r/100)2 - 4500
⇒ 1348.2 + 4500 = 4500(1 + r/100)2
⇒ 5848.2 = 4500((1 + r/100)2
⇒ 5848.2/4500 = (1 + r/100)2
⇒ 3249/2500 = (1 + r/100)2
⇒ (57/50)2 = (1 + r/100)2
⇒ 1 + r/100 = 57/50
⇒ r/100 = 57/50 - 1 = 7/50
⇒ r = 7 x 100/50
∴ r = 14%
Both statement are alone sufficient.
