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What is the rate of interest? I. Simple interest accrued on an amount of Rs. 25,000 in two years is less than the compound interest for the same period by Rs. 250. II. Simple interest accrued in 10 years is equal to the principal.
- The data in Statement I alone is sufficient to answer the question, while the data in Statement II alone is not sufficient to answer the question.
- The data in Statement II alone is sufficient to answer the question, while the data in Statement I alone is not sufficient to answer the question.
- The data in Statement I alone or in Statement II alone are sufficient to answer the question.
- The data in both the Statements I and II is not sufficient to answer the question.
Correct answer: The data in Statement I alone or in Statement II alone are sufficient to answer the question.
Solution
In Statement I, the difference between CI and SI for 2 years is enough to determine the rate using the formula for two-year compounding. In Statement II, if SI in 10 years equals the principal, then the rate is 10% per annum. Hence either statement alone is sufficient.
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