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    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.

    Find the sum?

    Statement I : The difference between Compound Interest and Simple Interest for 2 years is 420.

    Statement II : If the Compound Interest for 3 years at the rate of 15% is 945.

    Statement III : If the principal becomes 1.21 Times in 2 years at Compound Interest.

    A Only I Correct Answer Incorrect Answer
    B Only II Correct Answer Incorrect Answer
    C II and III together Correct Answer Incorrect Answer
    D Only I or II Correct Answer Incorrect Answer
    E Any two of three Correct Answer Incorrect Answer

    Solution

    From I: By using the formula, CI - SI = P (rate/100)2× (300 + r)/100 = 420 From II: By using the formula, CI = {P (1+rate/100)3-1 } = 945 From III: By using the formula, 1.21P= {P (1+rate/100)2} So 1.21 = (1+rate/100)2 or R =10% So we can find principal by any of the two statements.

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