New Click here to Enroll for SIDBI MSME Expert Class by ex-GM, SBI on Nov 24

    Register

    Question

    In each of the following questions, a question is followed by three statements numbered I, II and III. Read all the statements and answer accordingly which statement/s are sufficient to find the answer .

    Jolly borrowed some money at compound interest for 4 years. What will be the amount required to return after 4 years?

    Statement I: If the amount was borrowed at simple interest, then after 10 years Rs 1200 was required to pay as simple interest.

    Statement II: The rate of interest is 12% per annum

    Statement III: The sum of money borrowed is 15 times the amount required to be paid as simple interest after 3 years.

    A I and either II or III Correct Answer Incorrect Answer
    B Even all statements together cannot answer the question Correct Answer Incorrect Answer
    C II and III together Correct Answer Incorrect Answer
    D I and III together Correct Answer Incorrect Answer
    E All I, II and III Correct Answer Incorrect Answer

    Solution

    From I: SI after 10 years is Rs 1200, so after 1 year = 1200/10 = Rs 120 so,SI of 1 year = Rs. 120 From III: Principal = 15 × S.I after 3 years or P = 15 ×P×R ×3/100 or R = 100/45% So from I and II, SI =120 = P×R×1/100 = P ×(100/45) /100 So we can find Principal. then we can find the required amount by CI formula So from I and II, SI =120 = P×R×1/100 = P ×(12) /100 So we can find Principal, then we can find the required amount by CI formula

    Practice Next

    Relevant for Exams: