Q:
What is the compound interest earned at the end of 3 years?
I. Simple interest earned on that amount at the same rate and for the same period is Rs. 4500.
II.The rate of interest is 10 p.c.p.a.
III.Compound interest for 3 years is more than the simple interest for that period by Rs.465.
Answer & Explanation
Answer: D) Either II or III only
Explanation:
I. gives, S.I for 3 years = Rs. 4500.
II. gives, Rate = 10% p.a.
III. gives, (C.I.) - (S.I.) = Rs. 465.
Clearly, using I and III we get C.I. = Rs. (465 + 4500).
Thus, II is redundant.
Also, from I and II, we get sum =
100 x 4500
= 15000.
10 x 3
Now C.I. on Rs. 15000 at 10% p.a. for 3 years may be obtained.
Thus, III is redundant.
Either II or III is redundant.
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