Each of the questions below consists of a question and two statements numbered I and II are given below it. You have to decide whether the data provided in the statements are sufficient to answer the question. Read both the statements and :
Give answer a: If the data in Statement I alone are sufficient to answer the question, while the data in Statement II alone are not sufficient to answer the question.
Give answer b: If the data in Statement II alone are sufficient to answer the question, while the data in Statement I alone are not sufficient to answer the question.
Give answer c: If the data in Statement I alone or in Statement II alone are sufficient to answer the question.
Give answer d: If the data in both the Statements I and II are not sufficient to answer the question.
Give answer e: If the data in both the Statements I and II together are necessary to answer the question.
What is the rate of interest?
I. Simple interest accrued on an amount of Rs. 25,000 in two years is less than the compound interest for the same period by Rs. 250.
II. Simple interest accrued in 10 years is equal to the principal.
I : Principal amount = Rs. 25,000
Difference between SI and CI = $$P(\frac{r}{100})^t$$
=> $$25000(\frac{r}{100})^2=250$$
=> $$2.5r^2=250$$
=> $$r^2=\frac{250}{2.5}=100$$
=> $$r=\sqrt{100}=10\%$$
Thus, statement I alone is sufficient.
II : Let principal amount = Rs. $$100x$$
SI after 10 years = $$\frac{P\times R\times T}{100}$$
=> $$100x=\frac{100x\times r\times10}{100}$$
=> $$10r=100$$
=> $$r=\frac{100}{10}=10\%$$
Thus, statement II alone is sufficient.
$$\therefore$$ Either statement alone is sufficient.
=> Ans - (C)
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