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Ritesh lends a certain amount of money to Suman at compound interest for 2 years at the rate of 20% per annum. Find the amount of interest earned. Statement I: ₹8000 will be earned if the same sum is invested at simple interest at the rate of 8% per annum for 4 years. Statement II: The sum becomes 3.5 times if invested at simple interest at the rate of 25% per annum after 10 years.

1. Statement II alone is sufficient to answer the question.
2. Statements I and II together are required to answer the question.
3. Either statement I or statement II alone is sufficient to answer the question.
4. Statement I alone is sufficient to answer the question.

Correct answer: Statement I alone is sufficient to answer the question.

Solution

Statement I gives the simple interest amount, so the principal can be found uniquely using $SI = \frac{PRT}{100}$. Once the principal is known, compound interest for 2 years at 20% can be calculated directly. Statement II is not needed.

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