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Calculate the rate of interest. (I) Pankaj earned Rs. 4500 as interest when he invested Rs. 6000. (II) Pankaj invested an equal amount in simple interest and compound interest. After 2 years, the compound interest received by Pankaj is Rs. 90 more than the simple interest received by Pankaj.

1. Statement (I) alone is sufficient to answer the question but statement (II) alone is not sufficient to answer the question.
2. Statement (II) alone is sufficient to answer the question but statement (I) alone is not sufficient to answer the question.
3. Both the statements taken together are necessary to answer the question, but neither of the statements alone is sufficient to answer the question.
4. Either statement (I) or statement (II) by itself is sufficient to answer the question.

Correct answer: Statement (II) alone is sufficient to answer the question but statement (I) alone is not sufficient to answer the question.

Solution

Statement I gives only the interest and principal, but not enough to uniquely determine the rate unless the time is known. Statement II gives the difference between CI and SI after 2 years, which is sufficient to find the rate using the standard formula for 2 years.

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