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Compound Interest - General Aptitude

Each of the questions given below consists of a statement and / or a question and two statements numbered I and II given below it. You have to decide whether the data provided in the statement(s) is / are sufficient to answer the given question. Read the both statements and
  • Give answer (A) if the data in Statement I alone are sufficient to answer the question, while the data in Statement II alone are not sufficient to answer the question.
  • Give answer (B) 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.
  • Give answer (C) if the data either in Statement I or in Statement II alone are sufficient to answer the question.
  • Give answer (D) if the data even in both Statements I and II together are not sufficient to answer the question.
  • Give answer(E) if the data in both Statements I and II together are necessary to answer the question.
Q1:

An amount of money was lent for 3 years. What will be the difference between the simple and the compound interest earned on it at the same rate?
I.  The rate of interest was 8 p.c.p.a.
 II.  The total amount of simple interest was Rs. 1200.

A I alone sufficient while II alone not sufficient to answer

B II alone sufficient while I alone not sufficient to answer

C Either I or II alone sufficient to answer

D Both I and II are not sufficient to answer

E Both I and II are necessary to answer

ANS:E - Both I and II are necessary to answer

Given: T = 3 years.  I. gives: R = 8% p.a. II. gives: S.I. = Rs. 1200. Thus, P = Rs. 5000, R = 8% p.a. and T = 3 years.  Difference between C.I. and S.I. may be obtained. So, the correct answer is (E).