Data Sufficiency: In each of the following Questions you find a question followed by two statements labelled (I) and (II). You have to decide whether these statements answer the given questions. Mark your option as
What is the rate of simple interest?
I) Principal is Rs. 3,000
II) Interest is Rs. 450
Solution
We know that $$I\ =\ \frac{P\cdot N\cdot R}{100}$$
Knowing P and I is not sufficient to arrive at the value of R as number of years can be anything and thus, affect the rate of interest.
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