IBPS PO Quantitative Aptitude: Simple Interest and Compound Interest questions with solutions

Q1. Scheme A offers an annual compound interest rate of R%. Find the value of R. Statement I: If the interest received on \(\frac{2}{5}P\) at simple interest for 11 years is half of the interest received on \(P\) in Scheme A for 2 years. Statement II: Rs. X is invested in Scheme A for two years and it amounts to Rs. 3600. If \(\frac{16}{25}X\) is invested at a rate of \((R-10)\)% compounded annually for two years, then it amounts to Rs. 1936. Statement III: When Rs. Q is invested in Scheme A for two years and three years, the difference between the interests is Rs. 1152.

1. Statement (I) alone is sufficient to answer the question
2. Statement (II) alone is sufficient to answer the question
3. All the three statements taken together are necessary to answer the question
4. Either statement (I) alone or statement (II) and (III) together are sufficient to answer the question
5. Either statement (I) alone or statement (II) alone is sufficient to answer the question

Answer: Either statement (I) alone or statement (II) alone is sufficient to answer the question

Statement I gives a direct equation between simple interest and compound interest for 2 years, which uniquely determines R. Statement II also forms a solvable equation using the two-year compound amount and the second investment at rate R-10, so it also uniquely determines R. Hence either I alone or II alone is sufficient.