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Compound Interest

Each of the questions given below consists of a question followed by three statements. You have to study the question and the statements and decide which of the statement(s) is/are necessary to answer the question.

Q1:
What is the rate of interest p.c.p.a.?
I.  An amount doubles itself in 5 years on simple interest.
II.  Difference between the compound interest and the simple interest earned on a certain amount in 2 years is Rs. 400.
 III.  Simple interest earned per annum is Rs. 2000.

A I only

B II and III only

C All I, II and III

D Any two of the three

E I only or II and III only

ANS:E - I only or II and III only

  I. P x R x 5 = P          R = 20.
100
 II. P 1 + R 2 - P - P x R x 2 = 400          PR2 = 4000000.
100 100
III. P x R x 1 = 2000          PR = 200000.
100
PR2 = 4000000          R = 20.
PR 200000
Thus I only or (II and III) give answer.  Correct answer is (E).



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