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Instructions: Each of the following questions consists of a question followed by three statements I, II and III. You have to study the question and the statements and decide which of the statement (s) is/are necessary to answer the question.
Question 99
Sri Gupta borrowed a sum at compound interest. What is the amount returned in 2 years?
I. The rate of interest is 5% per annum.
II. The simple interest incurred on the sum in 1 year is Rs600.
III. The borrowed sum is ten times the amount earned as simple interest in two years.
Solution
SI in 1 year = 600
for two years = 1200
Sum = 10 x 1200 = 12000
600 = 12000*r*1/100
r = 5%
Amount returned in two years = 12000(1 + $$\frac{5}{100}$$)2 = 13230
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