Direction: 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 Read both the statements and give answer
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What percentage rate of simple interest per annum did Ashok pay to Sudhir?
I. Ashok borrowed $ 8000 from Sudhir for four years.
II. Ashok returned $ 8800 to Sudhir at the end of two years and settled the loan.
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- If the data in statement I alone are sufficient to answer the question, while the data in statement I alone are not sufficient to answer the question.
- If the data in statement II alone are sufficient to answer the question, while the data in statement I alone are not sufficient to answer the question
- If the data either in statement I alone or in statement II alone are sufficient to answer the question.
- If the data even in both statements I and II together are not sufficient to answer the question.
- Combining statement I and statement II
- If the data in statement I alone are sufficient to answer the question, while the data in statement I alone are not sufficient to answer the question.
Correct Option: E
From statement I , Borrowed amount for four years ( P ) = $ 8000
From statement II , Returned amount ( A ) = $ 8800 , Time = 2 years
From statement I and II , we get
Compound Interest ( C.I. ) = A - P = 8800 - 8000 = $ 800
According to question,
Combining both the statements together,
| Rate of interest = | x 100 = 5 % | 2 x 8000 |
