| Directions: The following questions are accompanied by three statements I, II and III. You have to determine which statement(s) is/are sufficient/necessary to answer the given question. |
| I. The difference between the compound interest and the simple interest on an amount of Rs. 10000 in two years is Rs. 110.25. |
| II. An amount doubles itself at simple rate of interest in 9.5 years. |
| III. The compound interest accrued in 8 years is more than the principal. |
A) Only I
B) Only either I or II
C) Only II
D) Only III
E) All together are necessary
Correct Answer: B
Solution :
From I. \[{{R}^{2}}=\frac{D\times {{100}^{2}}}{P}=\frac{110.25\times 10000}{10000}\] \[\therefore \]\[{{R}^{2}}=\sqrt{110.25}=10.5%\] From II.\[R=\frac{100}{9.5}=10.5%\] Hence either statement I or II is sufficient to answer the question.
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