Directions (Next Five Questions) : In each of these questions, one question is given followed by data in three statements I, II and III. You have to study the question and the data in statements and decide the question can be answered with data in which of the statements and mark your answer accordingly.
(Applicable only to the following question)
what is the rate of interest p.c.p.a?
I. Difference between the compound interest and simple interest earned in two years on the amount invested is INR 100/-
II. The amount becomes INR 19,500/- in three years on simple interest.
III. Simple interest accured in two years on the same amount at the same rate of interest is INR 3,000/-
- I and II
- I and III
- II and III
- I and either II or III
- None of these
- Explanation:
By I and III we get,
SI. = INR 3,000/-
Difference of C.I. and S.I. = INR 100/-
By using formula of rate ,
Rate = 2×Difference in C.I & S.I./S.I. ×100
∴ Rate = 2 ×100/3000 ×100
= 6.67%
